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The price of a good is determined by all the factors that contribute to making the product. These factors include: labor, materials, and manufacturing overhead. The demand curve is the amount consumers are willing to pay at every given price. The quantity of goods demanded depends on the price of the product. If the price is $1, the quantity demanded will be a lot more than if the price was $100.
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What detemines the price and the quantity produced of goods?
Supply determines the price and quantity of produced goods.
What determines if a person buys normal or inferior goods?
The price, how informed the person is and the quality of the goods are the factors that determines whether a person will buy inferior or normal goods.
What determines the price of goods in a free enterprise system?
Supply and demand
What is the way a change in price determines whether or not consumers buy goods?
Law of demand
The price of a product is the amount of money exchanged for the good what determines the price of these goods?
The price of any product is determined by the laws of demand and supply.
What detemines the price and the quantity produced of goods?
Supply determines the price and quantity of produced goods.
What determines if a person buys normal or inferior goods?
The price, how informed the person is and the quality of the goods are the factors that determines whether a person will buy inferior or normal goods.
What determines the price of goods in a free enterprise system?
Supply and demand
What is the way a change in price determines whether or not consumers buy goods?
Law of demand
The price of a product is the amount of money exchanged for the good what determines the price of these goods?
The price of any product is determined by the laws of demand and supply.
In a market system what determines how many goods and services an individual can buy?
The Price,Supply, and Demand.
Price determines the answers to the three basic economic questions?
There are three basic economic questions answered by price. Who will buy the goods and services produced? What goods and services need to be produced? How should these goods and services be produced?
What determines the quantity of a good that sellers supply?
The demand of the consumer determines the quantity of goods a seller supplies. Supply and demand also affects market price.
What determines what goods and services are produced?
Consumers determines what goods and services are produced.
What is price leadership by low cost firm?
Price leadership by low cost firm is what results when a firm determines the prices of services and goods within its sector.
Who determines what goods to produce in the economy?
It is the demand and supply which determines the goods and services to produce in the economy.
What is the importance of price in the production of goods?
The price in the production of goods determines if the country will import or export the good. If the country's price is above the world price, it will import the good because it will be cheaper for them to buy it than to make it. If the country's price is below the world price, it will export the good because it can produce the good at a lower price than the rest of the world.
