The price at which supply of an item or service equals the demand for that item is known as the market price.

Name: The price at which supply of an item or service equals the demand for that item is known as the market price.
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Question

Quizplus · Accepted Answer

This statement is true. The market price is determined by the point at which the quantity supplied by producers equals the quantity demanded by consumers, also known as the equilibrium price.

The Price at Which Supply of an Item or Service