Answer :
Final answer:
Supply and demand determine prices by reaching equilibrium between quantity demanded and quantity supplied, conveying information to buyers and sellers.
Explanation:
Supply and demand interact to determine prices for goods. The equilibrium price point is where quantity demanded equals quantity supplied, resulting in a balance between buyers' and sellers' preferences. Prices in the market are set based on the relationship between demand and supply, and they act as a mechanism to convey information to buyers and sellers.
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