When quantity supplied equals quantity demanded, there is:
a. disequilibrium
b. excess quantity supplied.
c. a market-clearing price (equilibrium price).
d. excess quantity demanded.
e. a shortage.
c
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"Price" in the statement of the Law of Supply refers to:
A. The amount that buyers are willing and able to pay for each unit of the product B. The cost of producing each unit of the product C. The total revenues that sellers receives for selling a given quantity of the product D. The total amount that buyers pay in order to acquire a given quantity of the product
(Advanced analysis) Susie has $500 invested in a financial asset earning an annually compounded interest rate of 8 percent. If Susie plans to cash in the asset when it is worth $700, about how long will she have to wait?
A. 4.4 years. B. 5 years. C. 6.1 years. D. 8 years.