in microeconomics, price helps determine both quantity supplied and quantity demanded. which other factors…
in microeconomics, price helps determine both quantity supplied and quantity demanded. which other factors can impact each by causing a shift to occur?\no quantity supplied is determined by production costs, and quantity demanded is determined by desire for the product.\no quantity supplied is determined by production costs, and quantity demanded is determined by producer behavior.\no quantity supplied is determined by consumer behavior, and quantity demanded is determined by aggregate demand.\no quantity supplied is determined by producer behavior, and quantity demanded is determined by desire for the product.
Answer
Brief Explanations:
In microeconomics, production costs affect producers' willingness to supply, shifting quantity supplied. Desire for a product (consumer preferences, income - related factors etc.) impacts quantity demanded. Producer behavior affects supply but not demand, and consumer behavior affects demand but not supply in the way described in wrong options. Aggregate demand is more relevant in macroeconomics.
Answer:
Quantity supplied is determined by production costs, and quantity demanded is determined by desire for the product.