Multiple Choice
Male drivers under 25 are charged for insurance at a higher rate because:
37
views
0. Basic Principles of Economics
Factors of Production
Struggling with Microeconomics?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Suppliers are people or organizations that:
A
consume goods and services in the market
B
determine the demand for products
C
provide goods or services to the market
D
set government regulations for production
Verified step by step guidance1
Understand the role of suppliers in microeconomics: Suppliers are entities that offer goods or services to the market for consumers to purchase.
Recognize that suppliers do not consume goods and services; instead, they produce or provide them.
Identify that suppliers do not determine demand; demand is determined by consumers based on their preferences and income.
Note that setting government regulations is a function of government bodies, not suppliers.
Conclude that the correct definition of suppliers is those who provide goods or services to the market.
3:09mWatch next
Master Land, Labor, and Physical Capital with a bite sized video explanation from Brian
Start learningRelated Videos
Related Practice
Factors of Production practice set
Problem sets built by lead tutorsExpert video explanations