Which Term Refers to the Total Quantity and Quality of Goods

question 69

Multiple Choice

Which term refers to the total quantity and quality of goods and services that people living in an economic system can purchase?

• A) Business cycle supply
• B) Demand and supply schedule
• C) Standard of living
• D) aggregate output
• E) Consumer price index

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Definitions:

Sales Price

The final amount of money charged for a product or service, or the value that consumers are willing to pay.

Optimal Point

The most favorable position or condition that yields the maximum benefit or efficiency in a given situation, such as in investment or production.

Credit Policy

Rules a business adheres to for assessing a customer's eligibility for credit and the stipulations under which it is offered.

Opportunity Cost

The most valuable alternative that is given up if a particular investment is undertaken.