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Which of the following statements is false? a. Supply and demand must be combined for either...

Which of the following statements is false? a. Supply and demand must be combined for either to be useful in explaining and predicting market behavior. b. Demand illustrates the behavior of consumers in a market. c. Market equilibrium is not an important element of the supply and demand model. d. Supply illustrates the behavior of firms in a market.

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Expert Solution

c. Market equilibrium is not an important element of the supply and demand model

Equilibrium is the most important element of demand and supply model.

Rahul Sunny answered 1 year ago
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