Explain in detail the process of price determination – InterviewSolution

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1.	Explain in detail the process of price determination
Answer» ce of a product is DETERMINED by the law of supply and demand. Consumers have a desire to acquire a product, and PRODUCERS manufacture a supply to meet this demand. The equilibrium market price of a GOOD is the price at which quantity SUPPLIED EQUALS quantity demanded. Graphically, the supply and demand curves intersect at the equilibrium price.

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