Each supply and demand model consists of all the following three elements:
A)math, geometry, and equations.
B)supply, demand, and production possibilities.
C)inputs, outputs, and production.
D)technology, profit maximization, and government regulation.
E)price, quantity, and equilibrium.

Question

Quizplus · Accepted Answer

This is the correct answer because every supply and demand model must include the relationship between price and quantity, as well as the point at which they intersect (equilibrium). All other options listed involve additional concepts that may be important in specific situations, but are not required components of supply and demand models in general.

Each Supply and Demand Model Consists of All the Following