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What refers to the need, want or desire for a product backed by the money to purchase it ?

August 15, 2021January 21, 2019 by admin

What refers to the need, want or desire for a product backed by the money to purchase it ?

A. Supply
B. Demand
C. Product
D. Good

Categories Engineering Economy

“Under conditions of perfect competition, the price at which any given product will be supplied and purchased is the price that will result in the supply and the demand being equal.” This statement is known as the_________________?

A _____________ is a market situation where economies of scale are so significant that cost are only minimized when the entire output of an industry is supplied by a single producer so that the supply costs are lower under monopoly that under perfect competition ?

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