A core fundamental of an open,economic environment,the Law of Supply and Demand,refers to the ability of the market,independent of external influences,to determine the:

Question

Quizplus · Accepted Answer

The Law of Supply and Demand states that the price of a product or service will eventually settle at a point where the quantity demanded by consumers equals the quantity supplied by producers. In other words, the market determines the price at which a product or service will be bought and sold based on the level of supply and demand. Therefore, choice B is the correct answer.

A Core Fundamental of an Open,economic Environment,the Law of Supply