. The quantity at which quantity demanded and quantity supplied are equal for a certain price level is known as

a. equilibrium price.
b. equilibrium quantity.
c. equilibrium rate.
d. equilibrium level.


b. equilibrium quantity.

Economics

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If a monopolist is producing the output level at which price equals average total cost in the short run, then the firm is earning a normal profit

a. True b. False Indicate whether the statement is true or false

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If Johnny is willing to pay up to $3 for an ice-cream cone but she actually pays $1 for it. The consumer surplus of the ice-cream cone for Johnny

A) is $1. B) is $2. C) is $4. D) cannot be determined without information about the market structure.

Economics

How do ponzi schemes work?

What will be an ideal response?

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A tax on cigarettes can be expected to reduce teen smoking more than it reduces adult smoking.

Answer the following statement true (T) or false (F)

Economics