Ultimately, the price of a good is determined by the interaction of supply and demand in the marketplace.

Name: Ultimately, the price of a good is determined by the interaction of supply and demand in the marketplace.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This statement is true. The price of a good is determined by the interaction of supply and demand, with the equilibrium point being where the quantity of goods demanded by buyers matches the quantity of goods supplied by producers. This principle is known as the law of supply and demand.

Ultimately, the Price of a Good Is Determined by the Interaction