Discrepancy of Assortment Means

question 12

Multiple Choice

Discrepancy of assortment means

• A)there are more producers than consumers.
• B)consumers want more output than producers make.
• C)the difference between the product lines the typical producer makes and the assortment wanted by final consumers or users.
• D)there are more consumers than producers.
• E)the difference between the quantity of products the typical producer makes and the quantity wanted by individual consumers.

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Definitions:

Perfectly Competitive

A market structure characterized by many sellers and buyers, homogeneous products, no barriers to entry or exit, and perfect information, leading to optimal allocation of resources.

Market Price

The present cost at which a service or asset is available for purchase or sale on the market.

Marginal Cost

The financial outlay for creating an additional unit of a good or service.

Supply Curve

The supply curve is a graphical representation that shows the relationship between the price of a good and the quantity of the good that producers are willing to supply.