In a competitive market free of government regulation,
a. price adjusts until quantity demanded is greater than quantity supplied.
b. price adjusts until quantity demanded is less than quantity supplied.
c. price adjusts until quantity demanded equals quantity supplied.
d. supply adjusts to meet demand at every price.
c
Economics
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Which of the following is a feature of a good theory?
A) A good theory does not rely on data. B) A good theory cannot be tested with data. C) A good theory is free from approximations. D) A good theory closely predicts actual behavior.
Economics
Sellers in which of the following market structures are likely to have the highest market power?
A) Monopoly B) Oligopoly C) Perfect competition D) Monopolistic competition
Economics