Which of the following is not an assumption underlying the supply and demand model? There are...
Which of the following is not an assumption underlying the supply and demand model?
There are many producers and consumers in the market.
The focus is on supply and demand in a single market.
Different firms sell their goods at different prices.
All goods sold in the market are identical.
Homework Answers
Ans: Different firms sell their goods at different prices.
Explanation:
Assumptions underlying the supply and demand model are ; there are many producers and consumers in the market , the focus is on supply and demand in a single market, all goods sold in the market are identical and all the goods in the market sell for the same price.
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