Question

What determines the price and the quantity produced of most goods? the availability of substitutes for the goods the quality of the goods that are produced the interaction of supply and demand the consumer's perception of necessity?

Answer 1

Answer: The interaction of supply and demand

Explanation:

The interaction of supply and demand determines the price and quantity of goods produced which is seen in the law of demand and supply. The law of demand states that as prices gets high, consumers or buyers buys less of the good and as prices get low, consumers demand more of the goods. The law of supply states that as prices get high producers supply more of the goods and as prices get low, producers supply less goods and services. Thus, at higher prices, producers supply more goods and services and vice versa.

Answer 2

The price and the quantity produced of most goods is determined by the interaction of supply and demand