When a market is in equilibrium,
a. producers earn profits
b. the minimum possible price is achieved
c. there is no incentive for consumers or producers to change their current behavior
d. excess demand is less than excess supply
e. the maximum possible price is achieved
C
Economics
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"For a perfectly competitive market, an economic profit attracts new firms. But when these firms enter the market, the price falls and the economic profit is eliminated"
Are the previous statements correct or incorrect? What is the long-run profit or loss outcome for firms in a perfectly competitive market?
Economics
Based on the table above, the equilibrium price level is
A) 130. B) 120. C) 110. D) 100. E) 90.
Economics