Indicate the answer choice that best completes the statement or aneers the quest

Question

Indicate the answer choice that best completes the statement or aneers the question I. The two words most often used by cconomists are a prices and quantities b resources and allocation c supply and demand d efficiency and equity 2 In a market cconomy a supply detemines demand and demand, in turn, determines prices b demand determines supply and supply, in turn, determines prices c the allocation of scarce resources determines prices and prices, in turn, determine supply and demand d supply and demand determine prices and prices,in tum, allocate the comomy's scarce resources 3 The demand for a good or service is determined by a those who buy the good or service b the govermment c. those who sell the good or service d. both those who buy and those who sell the good or service

Explanation / Answer

a) "C"

Economists always use the term supply and demand together.

b) "B"

Demand determines supply and supply determines the price.

c) "A"

Those who buy the goods and services.  

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