Question: Answer the following questions in simple words: How does a business determine how much output to produce? How does a business determine the price to

Answer the following questions in simple words:

How does a business determine how much output to produce?

How does a business determine the price to charge for a product, what factors do they have to look at?

How does a business decide how much labor to employ and how much to pay employees, what factors do they have to look at?

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