Economics · Demand and Supply
Consider the following statements: 1. The equilibrium point of demand and supply curves represents the price at which all goods produced are purchased, with no surplus or shortage in the market. 2. As the selling price of a product increases, the number of units supplied by the market will also tend to rise. Which of these statements is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Neither 1 nor 2
- 2Both 1 and 2✓
- 32 only
- 41 only
Correct answer
Both 1 and 2
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