The statement which is false is, "supply and demand does not exist in less developed countries."
What is demand?
Demand is the number of goods or commodities, which a consumer is both, willing, and able to buy at each possible price during a given period of time.
What is supply?
Supply is the quantity, which the firm is willing to supply during a specific period of time. Supply will be determined by factors such as price, the number of suppliers, the state of technology, government subsidies, weather conditions and the availability of workers to produce the good.
Who are less developed countries?
Least or less developed countries (LDCs) are underdeveloped countries that face significant structural challenges to sustainable development. Also, they are low-income countries with low industrialization and low human development index.
In both economies, developed or less developed, supply and demand exits. This depends on the population, what they consume and what is in high in demand there. For instance, in developed countries their is more demand for luxury goods when compared to the less developed countries.
Hence, option C is correct.
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