A change in an equilibrium price can result from
I. A change in demand
II. A change in supply
A) I only
B) II only
C) Both I and II
D) Neither I nor II
Answer: C
Economics
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A) highest price the seller hopes to realize for this output. B) minimum price the seller must receive to produce this unit. C) average price of all the prices the seller could charge. D) price that sets the marginal benefit equal to the price. E) only price for which the seller is willing to sell this unit of the good.
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Explain the difference between human needs and wants
What will be an ideal response?
Economics