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Sagot :
In a typical competitive market, the supply curve reflects the _________________cost to the private sellers producing a good or service. The demand curve reflects the marginal________________to buyers of a good or service.
Answer is: d. Marginal, benefit
If, at the equilibrium price, the marginal benefit of the final unit of output sold matches the marginal cost of that unit, the outcome is deemed economically efficient. This only occurs in marketplaces with intense rivalry (many buyers and sellers) and no price controls.
A product is neither in short supply nor in excess when its quantity is in balance. When demand and supply converge, the quantity of an item that customers want to purchase is equal to the quantity that its producers are offering. The marginal societal benefits of a producer should be contrasted with their marginal cost at the equilibrium market quantity.
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