Define market equilibrium. How is the equilibrium price determined?
Together, demand and supply determine the price and the quantity of goods that will be bought and sold in a market. The point where the supply curve and the demand curve cross is called the market equilibrium.
The price at which the quantity supplied of a good is equal to its quantity demanded is called the equilibrium price of the good.
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Maxine and Deborah both got hair extensions, costing each of them $300. Maxine's hair was done perfectly. She enjoyed the new look. The job on Deborah's hair was all botched u
A) Deborah did not incur a sunk cost. B) Maxine did not incur a sunk cost. C) Both Maxine and Deborah each incurred a $300 sunk cost. D) Only the hairdresser incurred a sunk cost.
In an oligopoly, minimum efficient scale is likely to occur at a level of output that is a large fraction of industry sales
Indicate whether the statement is true or false