Responses
The price is the equilibrium point where both the supplier and the producer make a profit.
The price is the equilibrium point where both the supplier and the producer make a profit.
The price is the equilibrium point where the producer is making a profit, and the consumer is willing to pay the price.
The price is the equilibrium point where the producer is making a profit, and the consumer is willing to pay the price.
The price is whatever the producer decides is fair.
The price is whatever the producer decides is fair.
The price is associated with the cost from the supplier.
1 answer
The correct response is:
The price is the equilibrium point where the producer is making a profit, and the consumer is willing to pay the price.
In a free market system, the price of a good is determined by the interplay of supply and demand, where the equilibrium price is established at the point where the quantity of goods supplied equals the quantity of goods demanded, enabling both producers to earn a profit and consumers to find value in the price.
