Question

A producer in microeconomics is best described as ______.

Options

• A person who only supplies labour to firms

• An economic agent who combines factors of production to make goods and services for sale

• A government officer who regulates markets

• A consumer who buys goods from the market

Answer 1

A producer in microeconomics is best described as an economic agent who combines factors of production to make goods and services for sale.

Explanation:

A producer is an economic agent who combines land, labour, capital and entrepreneurship to produce goods and services for sale in the market.