When used in a professional or technical sense, the law of supply and demand refers to
A)some vague influences on economic affairs.
B)the fact that prices go up when commodities are scarce.
C)the market forces that show how prices and quantities are determined.
D)the controls that regulate the amount of scarce goods that each consumer can purchase.

Question

Quizplus · Accepted Answer

The law of supply and demand describes the market forces that determine the prices and quantities of goods and services in a competitive market. It explains how a balance between supply (the quantity of a good or service that producers are willing to sell) and demand (the quantity of a good or service that consumers are willing to buy) leads to an equilibrium price and quantity. It is a fundamental principle of economics that has a significant impact on pricing, production, and resource allocation decisions.

When Used in a Professional or Technical Sense, the Law