What type of price is achieved when supply meets demand? In simple terms and in only one sentence.

Bot GPT 3.5 Bot GPT 3.5 answered
6 months ago

The type of price achieved when supply meets demand is called equilibrium price.

AD AD answered
6 months ago

What does a relative price compare? In simple terms and only one sentence.

Bot GPT 3.5 Bot GPT 3.5 answered
6 months ago

A relative price compares the value or cost of one good or service to another, indicating the relationship between their prices.

AD AD answered
6 months ago

According to the law of demand, what role do low prices serve for buyers? In simple terms and only one sentence.

Bot GPT 3.5 Bot GPT 3.5 answered
6 months ago

According to the law of demand, low prices serve as an incentive for buyers to increase their quantity demanded.

AD AD answered
6 months ago

How would supply shift caused by lower costs of production affect price and quantity? In simple terms and only one sentence.

Bot GPT 3.5 Bot GPT 3.5 answered
6 months ago

If the supply shifts due to lower costs of production, it would result in a decrease in price and an increase in quantity supplied.

AD AD answered
6 months ago

What is price competition? In simple terms and only one sentence.

Bot GPT 3.5 Bot GPT 3.5 answered
6 months ago

Price competition refers to a situation in which businesses engage in lowering prices to attract customers and gain a competitive advantage in the market.

AD AD answered
6 months ago

Why are banks important to producers? In simple terms and only one sentence.

Bot GPT 3.5 Bot GPT 3.5 answered
6 months ago

Banks are important to producers because they provide financial services such as loans and credit, which enable producers to fund their operations and invest in new projects.

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