1109Civil EngineeringMedium
“Under conditions of perfect competition, the price at which any given product will be supplied and purchased is the price that will result in the supply and the demand being equal.” This statement is known as the________?
ALaw of supply
BLaw of demand
CLaw of diminishing return
DLaw of supply and demand
Correct answer
D. Law of supply and demand
Explanation
The correct answer is Law of supply and demand.