Question

what best describes inputs?
production limits
outputs
the resources used to produce goods and services; also called factors of production
economic indicators
question 17
1 pts
what best describes law of demand?
price steadiness
demand consistency
a higher price leads to a lower quantity demanded and vice versa, holding all other variables constant
supply rule
question 18
1 pts
what best describes law of supply?
economic law
demand hypothesis
supply theory
a higher price leads to a greater quantity supplied and vice versa, holding all other variables constant

Explanation:

• In economics, inputs are the resources used to produce goods and services, also known as factors of production.
• The law of demand states that, ceteris paribus, a higher price leads to a lower quantity demanded and vice - versa.
• The law of supply states that, ceteris paribus, a higher price leads to a greater quantity supplied and vice - versa.

Answer:

• Question: What best describes 'inputs'? Answer: the resources used to produce goods and services; also called factors of production
• Question: What best describes 'law of demand'? Answer: a higher price leads to a lower quantity demanded and vice versa, holding all other variables constant
• Question: What best describes 'law of supply'? Answer: a higher price leads to a greater quantity supplied and vice versa, holding all other variables constant