What refers to the need, want or desire for a product backed by the money to purchase it ?
2
“Under conditions of perfect competition, the price at which any given product will be supplied and purchased is the price that will result in the supply and the demand being equal.” This statement is known as the_________________?
3
“When one of the factors of production is fixed in quantity or is difficult to increase, increasing the other factors of production will result in a less than proportionate increase in output”. This statement is known as the______________?
These are just sample questions. The actual quiz contains 20 questions.
