Explore BrainMass

Explore BrainMass

    Concept of demand and supply

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    "When a person goes to the grocery store to buy food, there is no auctioneer calling out prices for bread, milk, and other items. Therefore, supply and demand cannot be operative." Is this statement true or false? Explain your answer.

    © BrainMass Inc. brainmass.com March 4, 2021, 6:23 pm ad1c9bdddf

    Solution Preview

    This statement is false. As demand and supply is now dependent on the ...

    Solution Summary

    This solution explains the concept of demand, price equilibrium and supply.