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    Concept of demand and supply

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    "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.

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    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.

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