The Supply Curve for a Product Reflects the

question 15

Multiple Choice

The supply curve for a product reflects the

• A)willingness to pay of the marginal buyer.
• B)quantity buyers will ultimately purchase of the product.
• C)cost to sellers of producing the product.
• D)seller's profit from producing the product.

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Definitions:

Spillover Benefits

Positive effects or advantages that result from a product, event, or activity, affecting those who are not directly involved.

Price

The total funds necessary to acquire a commodity, service, or asset.

Output

The amount of goods or services produced by a business, industry, or economy.

Production and Pricing

The process of determining the cost and price for goods or services created by a business.