In a Competitive Market, the Demand Curve Shows the ________

question 4

Multiple Choice

In a competitive market, the demand curve shows the ________ received by consumers and the supply curve shows the ________.

• A)utility; average cost.
• B)marginal benefit; marginal cost
• C)economic surplus; opportunity cost
• D)net benefit; net cost

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Definitions:

Widgets

A generic term often used to describe an unspecified or hypothetical manufactured product.

Labor

The use of mental and physical capabilities in the creation of products and services.

Efficient

Describes a system or process that achieves maximum productivity with minimum wasted effort or expense.

Needed Resources

Essential materials, funds, or personnel required for the execution of a project or the operation of an entity.