________ Are the Things That Are Used to Produce Items

question 237

Multiple Choice

________ are the things that are used to produce items that satisfy people's wants.

• A) Concepts
• B) Production possibilities curves
• C) Resources
• D) Costs

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Definitions:

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded.

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity demanded at the market price.

Shift Demand

A change in the amount of a product that consumers are willing and able to purchase at any given price level, typically caused by changes in consumer preferences, income, or prices of related goods.