Question: The basic economic principle in which price is determined by how much consumers want a given product relative to its availability is known as __________.

The basic economic principle in which price is determined by how much consumers want a given product relative to its availability is known as __________. Question 26 options: a) the efficiency principle b) the circular-flow model c) supply and demand d) the factors of production balance

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Question 1 (2 points) Most advertisers do not design their messages with the intention to mislead or deceive consumers or run sweepstakes with no intention of awarding prizes. Question 1 options:...

Brief answers. 37) All of the following are examples of product differentiation in monopolistic competition EXCEPT A) new and improved packaging. B) lower price. C) acceptance of more credit cards...

Question 1 (1 point) The curve showing the maximum attainable combinations of two goods that can be produced with available resources and current technology is known as.. Question 1 options:...

Question 1 (1 point) Saved In the early 1920s, Ford promised its customers that they could have any colour car they wanted, "as long as it was black." Ford's management assumed anyone buying a car...

stion 1 (1 point) The marginal revenue from the increase in price from P0 to P1 equals Question 1 options: the area (B + D - A). the area (C - B). the area A. the area (A - D). Question 2 (1 point)...

Here are the 40 Questions. Have a total of 1:25 mins Question 1 (3 points) 1 A typical loan arrangement requires the same monthly payment at the end of each month for a certain period. This type of...

1 (1 point) Electronic options for withdrawals or payments include Question 1 options: A) automatic payments. B) debit and ATM cards C) direct deposits. D) a. and b. E) a., b., and c. SaveQuestion 2...

Question 1 (2 points) Price elasticity of demand describes: Question 1 options: the size of the percentage change in the quantity supplied of a good or service when its demand changes due to a price...

A "spillover" is more commonly referred to as: Question 1 options: social costs. an externality. private good. a market transaction. Question 2 (1 point) If an industry neither produces positive or...

How to answer these mcq 1 Other things being equal, if you took money out of your savings deposit account and put it in a demand deposit account, what would be the effect on the money supply?...

Would like you to write a 150 words for Executive Summary and 150 words for introduction of Woolworths Melbourne South Regional Distribution Centre. The 1200 words should cover the 6 points mentioned...

Select an organization with which you are familiar, and determine the number of possible bargaining units that would be appropriate for collective bargaining in its structure?

42. LO.7 Chee owed $4,000 in Federal income tax when she filed her Form 1040 for 2012. She attached a sticky note to the 1040 that read, My inventory computations on last years (2011) return were...

QUESTION 1 ( 3 0 Marks ) The Fourth Industrial Revolution has introduced challenges in effectively utilising and analysing historical data due to advancements in technology and evolving training...

5. Give an example of how the consensus principle can be used to influence others.

9. Give an example of how the word because can trigger a cognitive reflex in another party.

7. Give an example of how the authority principle can be used to influence others.