In a competitive market, the prices of goods and services are determined by _________ from consumers and _______ from producers.
A)Demand; supply
B)Supply; opportunity
C)Supply; demand
D)Demand; opportunity

Question

In a competitive market, the prices of goods and services are determined by ­­­­­­­­­­_________ from consumers and _______ from producers.
A)Demand; supply
B)Supply; opportunity
C)Supply; demand
D)Demand; opportunity

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 good and services available will ultimately determine their prices.

In a Competitive Market, the Prices of Goods and Services