The correct response is:
Prices are set by how much consumers will pay.
This reflects the concept of demand in economics, where consumers' willingness to pay influences the price of goods and services in the market.
8 of 108 of 10 Items
Question
Which is true of how the market sets prices?
(1 point)
Responses
Prices are set by the expected sales.
Prices are set by the expected sales.
Prices are set by how much consumers will pay.
Prices are set by how much consumers will pay.
Prices are set by the size and location of market outlets.
Prices are set by the size and location of market outlets.
Prices are set by doubling the equilibrium price.
1 answer