Answered

Select the correct answer from each drop-down menu.

Choose the correct term to complete the sentences.

______ is a customer's want or need of an item.

______ is a producer's willingness and ability to produce an item.



Answer :

GinnyAnswer

Final answer:

Demand represents a customer's want or need for an item, while supply reflects a producer's willingness and ability to produce it based on consumer preferences.


Explanation:

Consumer's Want or Need:

Demand is a customer's want or need of an item.

Producer's Willingness and Ability:

Supply is a producer's willingness and ability to produce an item.

Importance of Consumer Preference:

Understanding consumer preferences is crucial for producers in deciding what goods to offer.


Learn more about Supply and Demand here:

https://brainly.com/question/32830463


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