ECONOMICS
SUPPLY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
How much consumers pay to purchase products
|
|
|
The amount producers spend to produce a product
|
|
|
All of the bills everyone in an economy has to pay
|
|
|
Hidden charges people don’t expect when they sign agreements
|
Detailed explanation-1: -Expenses The cost which business incurs for producing goods and services or for using services is called expenses.
Detailed explanation-2: -Cost of production is the total cost incurred by a business to either produce a product or offer their services. Production costs typically include supplies and raw materials that are consumed during production, along with labor expenses.
Detailed explanation-3: -The equilibrium price is the only price where the plans of consumers and the plans of producers agree-that is, where the amount consumers want to buy of the product, quantity demanded, is equal to the amount producers want to sell, quantity supplied. This common quantity is called the equilibrium quantity.
Detailed explanation-4: -Equilibrium: the quantity people are willing to buy equals the quantity people are willing to sell at each price. Excess Demand: the quantity demanded is greater than the quantity supplied at the given price.