A market for a product reaches equilibrium when
A. buyers intend to buy a quantity equal to the quantity that sellers intend to sell.
B. the actual quantity bought by buyers equals actual quantity sold by sellers.
C. the price rises further after there is a surplus.
D. price falls further after there is a shortage.
Answer: A
You might also like to view...
The idea of opportunity cost is relevant
A. only in consumption decisions. B. only in production decisions. C. only in financial decisions. D. in almost any kind of decision.
If business firms do not have to generate revenues sufficient to cover their sunk costs, does anyone have to pay for mistaken decisions?
A) No, because sunk costs are irrelevant. B) No, because the past cannot be undone. C) Only if they value their integrity or credit standing. D) The entire economy ends up paying. E) Yes. The people who committed resources to mistaken decisions pay the costs.
A characteristic of stock prices is that ________
A) they tend to go up on the upswing of the cycle B) they tend to go down on the downswing of the cycle C) they are a leading indicator D) all of the above E) none of the above
In the arena of decision making, the choice that will automatically take place if the chooser fails to make an active decision is called the:
A. processing option. B. default option. C. choice option. D. auto option.