_________ tells us the price a firm must receive to induce it to produce various levels of output during a specified time period.
A)Supply
B)Demand
C)Projected costs
D)Projected revenues

Question

Quizplus · Accepted Answer

Supply refers to the quantity of a good or service that producers are willing and able to offer for sale at different prices during a specified time period. The price a firm must receive to induce it to produce various levels of output during a specified time period is determined by the supply curve, which shows the relationship between the price of a product and the quantity of the product that firms are willing to supply. As the price of a good or service increases, the quantity supplied typically increases as well, as firms can earn a higher profit by selling more units of the product at the higher price.

_________ Tells Us the Price a Firm Must Receive to Induce