Equilibrium price is the price:
a. from which there is always a tendency to move away
b. where supply equals demand
c. where there is either a surplus or a shortage
d. suppliers agree to charge
e. none of the above
Ans: e. none of the above
You might also like to view...
The price elasticity of supply is a measure of the extent to which the quantity supplied of a good changes when the
A) cost of producing the product increases. B) quantity of the good demanded increases. C) supply increases. D) price changes. E) number of firms supplying the good changes.
According to Hughes and Cain (2011), what did the Populists want?
(a) To use the federal government to redistribute income and wealth (b) A more direct democracy that limited the powers of state legislatures (c) A secret voting ballot and public education (d) All of the above