In a Competitive Market, Price Is Determined By

question 38

Multiple Choice

In a competitive market, price is determined by:

• A)the costs of producing the good in question.
• B)the supply of the good.
• C)the decisions of the buyers about how much they are willing to pay.
• D)the interaction of tastes and demand.
• E)all of the above.

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Definitions:

Biceps Femoris

A muscle of the thigh that forms part of the hamstrings, involved in knee flexion and hip extension.

Vastus Intermedius

is a muscle located in the thigh, lying deep to the rectus femoris and part of the quadriceps muscle group.

Rectus Femoris

A muscle in the quadriceps that extends the knee and helps in hip flexion.

Extensor Pollicis Brevis

A muscle in the forearm that extends the thumb.