1. Business
  2. Economics
  3. the law of supply and demand states that group of...

Question: the law of supply and demand states that group of...

Question details

The law of supply and demand states that:

Group of answer choices
A) Quantity demanded increases as price decreases and quantity supplied increases as price increases
B) In the absence of market frictions, that the market price will adjust so that demand equals supply
C) In the absence of market frictions, the market price will adjust so that the elasticity of demand equals the elasticity of supply
D) The market will always be in equilibrium
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution