In Most Cases, Prices Are Set by the

question 16

Multiple Choice

In most cases, prices are set by the

• A) customers.
• B) competitive market.
• C) largest competitor.
• D) selling company.

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Definitions:

Good

A tangible item that is produced or manufactured for sale to consumers in the market.

Market Equilibrium

A condition or state where the supply of a good matches its demand, leading to a stable market price for the good.

Good

A tangible product or item that satisfies some human desire or need, often available for sale in the market.

Tax Revenue

Government income collected from citizens and businesses through imposed levies and duties.