The below figure shows the demand and supply curves in the market for gasoline. The price and quantity at the point of intersection of the demand and supply curves is $30 and 300 gallons respectively.Figure 3.6

-In general, the purpose of markets is to facilitate the exchange of goods and services between buyers and sellers.

Question

The below figure shows the demand and supply curves in the market for gasoline. The price and quantity at the point of intersection of the demand and supply curves is $30 and 300 gallons respectively.Figure 3.6
 
-In general, the purpose of markets is to facilitate the exchange of goods and services between buyers and sellers.

Quizplus · Accepted Answer

This is a true statement. The demand and supply curves in a market are used to determine the equilibrium price and quantity where buyers and sellers can exchange goods and services.

The Below Figure Shows the Demand and Supply Curves in the Market