--%>

Producers on the best combinations of resources to use

How did producers decide on the best combinations of resources to use?  Who made these resources available, and why?

E

Expert

Verified

The quest for profit led firms to produce these goods.  Producers looked for and found the least-cost combination of resources in producing their output.  Resource suppliers, seeking income, made these resources available.  Consumers, through their dollar votes, ultimately decide on what will continue to be produced.

   Related Questions in Business Economics

  • Q : Demand often exceeds supply and supply

    “In the corn market, demand often exceeds supply and supply sometimes exceeds demand.” “The price of corn rises and falls in response to changes in supply and demand.” Among these 2 statements used correctly which in the terms “supply&rdq

  • Q : Positive task of speculators in market

    A positive responsibility played through speculators within a market economy is to: (1) find out price levels for entrepreneurs. (2) predict the quantity at that long run equilibrium would be attained. (3) inform government organizations of consumer p

  • Q : Describe double coincidence of wants

    Double coincidence of wants: This means that one person's wishing to buy and sell should coincide with another person’s wish to buy and sell.

  • Q : Elucidate the overview of Business Cycle

    Elucidate the overview of Business Cycle?

  • Q : Common factors influencing capital

    Write down the common factors influencing capital structure?

  • Q : Determine relative price when two

    When the prices for doughnuts and croissants are $.50 and $1 correspondingly: (w) the opportunity cost for one doughnut is two croissants. (x) this is better to buy two doughnuts than one croissant. (y) one croissant will make Pierre twice as happy as one doughnut. (z

  • Q : Explain the shapes of the

    Specify and explain the shapes of the marginal-benefit and marginal-cost curves and use these curves to determine the optimal allocation of resources to a particular product.  If current output is such that marginal cost exceeds marginal benefit, should more or l

  • Q : Define the term Weak-form market

    Define the term Weak-form market efficiency. Explain briefly.

  • Q : Characterized contestable markets

    Industries that are described as "contestable": (w) will experience long-run economic profits equal to zero. (x) are difficult for firms to enter, but not to exit. (y) are difficult for firms to exit, but not to enter. (z) will charge prices greater t

  • Q : Exchange is the necessary consequence

    Explain: “Exchange is the necessary consequence of specialization.”