The Table Given Below Reports the Quantity Demanded of a Good

question 87

Multiple Choice

The table given below reports the quantity demanded of a good by individuals 1, 2, and 3 at different prices.Table 3.1

-Other things remaining unchanged, which of the following is a determinant of the quantity supplied of a good?

• A)The cost of inputs used in production
• B)The price of the product
• C)The income levels of consumers
• D)The price expectations of producers
• E)The preferences of consumers

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Definitions:

Marketplace

A platform or environment where buyers and sellers engage in exchange of goods and services. It can be physical or digital.

Target Cost

A pricing strategy in which a company sets a cost for a product and works backwards to achieve that cost through design and manufacturing improvements.

Profit Margin

The ratio of operating income to sales.

Markup Percentage

The percentage added to the cost of goods to cover overhead and profit, determining the selling price.