Question: 1. Supply and demand are the factors that mostly determines the price of a product or service. Sellers will provide more products or services

1. Supply and demand are the factors that mostly determines the price of a product or service. Sellers will provide more products or services at higher prices. Consumers, on the other hand, will typically buy more products or services at lower prices. See the supply and demand curves below. Equilibrium Price Supply Curve Demand Curve The equation for the quantity demanded is Qp 150 Price (P)-200 and the equation for the quantity supplied is Q 400-25 Price (P). What is the equilibrium price and quantity where sellers and consumers are more likely to agree?

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