Which of the following statements is assumed to be true of a market?
A) In a market, the demand and supply curves intersect only at one point.
B) The quantity supplied in a market falls when the price of the good increases.
C) Since demand and supply curves intersect, a market will always be in equilibrium.
D) When the market price of the good falls, the demand curve shifts to the right.

Question

Quizplus · Accepted Answer

The intersection of demand and supply curves at one point represents the equilibrium price and quantity in a market.

Which of the Following Statements Is Assumed to Be True