In a competitive market, the prices of goods and services are determined by _______ from consumers and _______ from producers.

Question

Quizplus · Accepted Answer

Prices are determined by consumer demand and producer supply.
Key Takeaway: In a competitive market, the prices of goods and services are determined by demand from consumers and supply from producers. This economic equilibrium that is based on the quantity of goods and services available will ultimately determine their prices.

In a Competitive Market, the Prices of Goods and Services