Which of the following statements is false?
A) The supply and demand model serves to illustrate market behavior.
B) Supply and demand must be combined for either to be useful in explaining and predicting market behavior.
C) Supply illustrates the behavior of firms in a market.
D) Demand illustrates the behavior of consumers in a market.
E) Market equilibrium is not an important element of the supply and demand model.
Correct Answer:
Verified
Q12: Which of the following is not an
Q13: The demand schedule is a table or
Q14: The term quantity demanded refers to
A)that point
Q15: According to the law of demand, when
Q16: According to the law of demand, one
Q18: The law of demand states that
A)as price
Q19: A demand schedule is a table of
Q20: According to the law of demand, the
Q21: When incomes are rising, new SUV sales
Q22: If the price of product A falls
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