Question

Which of the following statements is correct? Buyers determine supply and sellers determine demand. Buyers determine demand and sellers determine supply Buyers determine both demand and supply. Sellers determine both demand and supply.

Answer 1

Buyers determine demand, and sellers determine supply.

Step-by-step explanation:

Supply is the amount of goods that sellers are willing to sell at various given prices. Demand is the amount of goods buyers/consumers are willing to buy at a given price. The market as an economic activity brings buyers and sellers together. Buyers determine demand for a particular product at various prices while sellers determine the supply of a particular product at various prices.

Answer 2

Answer: The statement "Buyers determine demand and sellers determine supply" is correct.

Explanation: Offer: It is the quantity of goods or services for sale that exists in the market by its bidder.

Demand: It is the amount of product demand that consumers want to acquire within an economy.