Which of the following statements is false?
A)The supply and demand model serves to illustrate market behavior.
B)Supply and demand must be combined for either to be useful in explaining and predicting market behavior.
C)Supply illustrates the behavior of firms in a market.
D)Demand illustrates the behavior of consumers in a market.
E)Market equilibrium is not an important element of the supply and demand model.

Question

Quizplus · Accepted Answer

Market equilibrium is a critical component of the supply and demand model. It represents the point of balance between the quantity of a good or service that consumers are willing to buy and the quantity that producers are willing to sell at a given price.

Which of the Following Statements Is False