What Is the Term for Limited Resources and Limited Demand

question 138

Multiple Choice

What is the term for limited resources and limited demand for a product?

• A)resources
• B)contribution factors
• C)constraints
• D)optima

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Definitions:

Equilibrium Price

The point at which the demand for a particular good or service matches its supply, ensuring equilibrium in the market.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded, leading to market stability.

Equilibrium Price

The market price at which the quantity of goods demanded equals the quantity of goods supplied, leading to a stable market condition.

Quantity Demanded

The total amount of a good or service consumers are willing and able to purchase at a given price.