Which of the Following Statements Is False

Question 1
Multiple Choice

Which of the following statements is false? A) The supply and demand model serves to illustrate market behavior. B) Supply and demand must be combined for either to be useful in explaining and predicting market behavior. C) Supply illustrates the behavior of firms in a market. D) Demand illustrates the behavior of consumers in a market. E) Market equilibrium is not an important element of the supply and demand model.