The inputs used to produce goods and services are also known as prices. institutions. resources. output. costs. g

The inputs used to produce goods and services are also known as prices. institutions. resources. output. costs. g

costs

The price of a product is determined by the law of supply and demand. Consumers have a desire to acquire a product, and producers manufacture a supply to meet this demand. The equilibrium market price of a good is the price at which quantity supplied equals quantity demanded.