Which of the following is not true of equilibrium price?
A. All consumers can buy all they demand.
B. It is determined by the interaction of supply and demand.
C. It is set by the government.
D. It is also known as the market-clearing price.
C. It is set by the government.
Economics
You might also like to view...
Subtraction of ________ from Gross National Product yields Gross Domestic Product
A) net factor income B) depreciation C) factor income to the rest of the world D) net government income E) none of the above
Economics
A perfectly competitive firm is maximizing profits in the short run. This implies that the firm is earning the most economic profits possible, which
A) must be positive. B) must be either zero or positive. C) can be positive, negative, or zero. D) exist at the point at which price equals total cost.
Economics