A(n) ________ Relationship Exists Between Supply and Demand

question 59

Multiple Choice

A(n) ________ relationship exists between supply and demand. Therefore, when supply is high, demand is _____.

• A) Correlational; high
• B) Inverse; high
• C) Inverse; low
• D) Correlational; low
• E) Strong; high

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Definitions:

Output

In economics, output refers to the total amount of goods or services produced by a firm or country.

Factor of Production

An input used in the production of goods and services, such as land, labor, capital, and entrepreneurship.

Machines

Mechanical or electronic devices that perform tasks, often complex, without human intervention.

Buildings

Structures constructed for residential, commercial, or industrial purposes.