What is the difference between a market equilibrium and a competitive market equilibrium?
What will be an ideal response?
A market equilibrium is a situation in which quantity demanded equals quantity supplied. A competitive market equilibrium is a market equilibrium with many buyers and sellers.
You might also like to view...
Other things constant, the economy's aggregate demand curve shows that
A) as the price level falls, real GDP decreases. B) any change in the price level shifts the aggregate demand curve. C) the quantity of real GDP demanded decreases when the price level rises. D) the quantity of real GDP demanded and the price level are not related.
In allocating time between studying French and studying economics,
a. exam points are inferior goods b. we can think of students "buying" exam points with hours spent studying c. we can think of students "buying" exam points with money d. the demand curve for exam points is upward sloping e. we can think of students "buying" study time for cash