In a competitive market free of government regulation,
A. price adjusts until quantity demanded is less than quantity supplied.
B. supply adjusts to meet demand at every price.
C. price adjusts until quantity demanded is greater than quantity supplied.
D. price adjusts until quantity demanded equals quantity supplied.
D. price adjusts until quantity demanded equals quantity supplied.
You might also like to view...
Fixed costs are costs paid for:
a. medical reimbursements and health insurance of workers. b. obsolete plant and equipment not used anymore. c. plant and equipment in the long run. d. hiring temporary workers. e. resources that do not change with changes in output.
________ exist when the average cost of production by one firm becomes smaller as the rate of output increases
a. Diminishing marginal returns b. Diseconomies of scale c. Economies of scale d. Decreasing returns to scale