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Answer to Question #1749 in Microeconomics for shamel

Question #1749
What is supply and demand?
Expert's answer
Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium of price and quantity.

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