Question

In microeconomics, price helps determine both quantity supplied and quantity demanded. Which other factors also help determine each?

Answer 1

Quantity supplied is determined by production costs, and quantity demanded is determined by desire for the product.

Answer 2

Hi there!

Quantity supplied is determined by production costs, and quantity demanded is determined by the desire for the product.

In microeconomics, not only the price is one factor that helps determine both quantity supplied and quantity demanded, but also the factors listed above, like production costs (quantity supplied) and desire for the product (quantity demanded).

Hope this helps!