The equilibrium price of a good or service is the price
a. at which the current quantity supplied by producers is equal to the potential output.
b. fixed by the government so that producers do not over produce and consumers do not over purchase.
c. at which all consumers can afford to purchase units of a good or service as long as they provide them with any value.
d. at which the quantity supplied by producers is equal to the quantity demanded by consumers.
d. at which the quantity supplied by producers is equal to the quantity demanded by consumers.
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Social Security tax is deducted from your paycheck. In the figure above, this will be shown as
A) taxes flowing from households to firms. B) taxes flowing from households to governments. C) wages flowing from firms to governments. D) wages flowing from firms to households. E) taxes flowing from firms to governments.
Nations specialize when they _____.
(A) Produce certain goods and services more efficiently than other nations. (B) Export more than they import. (C) Have few natural resources and are required to endure a trade deficit. (D) Import more than they export.