With regard to demand and supply in a market economy, it is correct to say that
demand refers to the price that consumers are willing to pay for a product.
the demand and supply schedule indicates how many units of a given product will be sold at different prices.
demand and supply curves are used to determine the demand and supply schedule.
equilibrium prices are only rarely achieved.
if a seller tried to increase profits by making more products to sell, the result would be a more efficient use of resources because economies of scale would be achieved.
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