What is supply and demand?

Economics Dec 08, 2020

Expert Solution

Supply means the number of units of a product that a supplier is willing and able to offer at various prices. On the other hand, demand means the number of units that a consumer is willing and able to buy at various prices.

The price at which the number of units demanded and the number of units supplied are equal is the equilibrium market price as at this price there is neither a shortage nor a surplus of units in the market.

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