The three basic economic questions societies face are (1) what goods and services to produce, (2) how to produce those goods and services, and (3) who will get them.
In one or two paragraphs, explain how supply and demand help societies determine
their answers to these three questions. Be sure to provide an example of the effect
of supply and demand on a society's answers.

Which of the following statements best describes the quantity theory of inflation? a.inflation occurs because production cost rise and this cost increase is passed on to consumers in the form of higher prices b. inflation occurs because there is too much money in the economy c. inflation occurs because demand of good and services exceeds existing supplies d. none of these