As the price rises, the quantity demanded by the buyer will decline and the quantity supplied by sellers will increase until it reaches the point when there is no shortage.Therefore, identify and explain the point where there is no shortage happen. Production means the process of using factors of production to produce goods and services. The inputs bought and used in the production of a given product are classified into four factors of productions.Describe the FOUR (4) factors of production with examples Ans all

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Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter1: The Economic Approach

Section: Chapter Questions

Problem 1CQ

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As the price rises, the quantity demanded by the buyer will decline and the quantity supplied by sellers will increase until it reaches the point when there is no shortage.

Therefore, identify and explain the point where there is no shortage happen.

Production means the process of using factors of production to produce goods and services. The inputs bought and used in the production of a given product are classified into four factors of productions.

Describe the FOUR (4) factors of production with examples

Ans all

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