Supply and demand

In market economy quantity determined by ?

Price

An economy scarce resources are allocated by ?

Price resources

In a free market, who determines how much of a good will be sold and the price at which it is sold?

Suppliers and demanders together

The forces that make market economics work are?

demand and supply

In a competitive market each seller has?

limited control over the price of his product

Which of the following are the words more commonly used by economists ?

supply and demand

A competitive market is one in which

there are so many buyers and so many sellers that each has a negligible impact on the price of the product.

Which of the following is true statement?

A. Buyer determine supply and sellers determine demand.\ B. Buyers determine demand and sellers determine supply. C. Buyers and sellers as one group determine supply D. Buyers and sellers as one group determine demand B.

The behavior of people as they interact with one another in markets is referred to as?

Demand and supply

A market is a ?

Group of demanders and suppliers of a particular good or service

For each good produced in a market economy, demand and supply determine

both quantity and demand

One result of a drought in the mid west could be an increase of ?

The price of frosted shredded wheat

who is it that ultimately determines the demand for a product or service?

Those who buy the product or service