Practice Quiz

Case Interview Prep

Category - Economics

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In a competitive market, the prices of goods and services are determined by _______ from consumers and _______ from producers.
  1. demand; supply
  2. supply; opportunity
  3. supply; demand
  4. demand; opportunity
Explanation
Answer: A -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.
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