Asked by Jibreel Ahmad on May 11, 2024
Verified
When supply is ________ or the product is ________, then price is demand determined.
A) fixed; unique
B) variable; standardized
C) fixed; standardized
D) variable; unique
Supply
The total amount of a specific good or service that is available to consumers.
Demand Determined
Refers to situations where the quantity of a good or service produced is directly influenced by consumer demand.
- Explain the connection between supply and demand curves in determining price levels.
Verified Answer
IG
Iemina GreceaMay 15, 2024
Final Answer :
A
Explanation :
When supply is fixed or the product is unique, the price is more influenced by demand because the supply cannot adjust to meet changes in demand, and the uniqueness of the product means its value is determined by how much consumers are willing to pay.
Learning Objectives
- Explain the connection between supply and demand curves in determining price levels.