The price at which there is neither an excess demand nor excess supply must be the _____ price.Multiple choice question.efficientequilibriumequitable
Question
Solution 1
The correct answer is "equilibrium". This is the price at which the quantity demanded by consumers equals the quantity supplied by producers, resulting in market equilibrium. There is no excess demand or supply at this price. Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem. Knowee AI is a powerful AI-powered study tool designed to help you to sol
solve study problem. Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem. Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem. Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem. Knowee AI is a powerful AI-powered study tool designed to help you to solve study pro
Similar Questions
The point of intersection between the supply and demand curves determines the _____ price and quantity values.Multiple choice question.equitableequilibrium
If the total demand for resources exceeds its total supply at zero price level, it is called_
Consider a market with a demand curve of P 198-q and a supply curve of P=4q.What is the price elasticity of supply at the market equilibrium?
If producers of milk try to maintain a price above the equilibrium price then the condition of excess demand will exist.Group of answer choicesTrueFalse
Which of these results in an increase in both price and quantity?A.A demand increaseB.A supply increaseC.A demand decreaseD.A supply decrease
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.