When quantity supplied equals quantity demanded:
A. equilibrium is reached.
B. the market forces push the economy to produce more.
C. the market forces push the economy to produce less.
D. the market forces cease to function.
A. equilibrium is reached.
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The amount of a product that people are willing and able to purchase at a specific price is referred to as the:
a. demand. b. quantity demanded. c. law of demand. d. consumption function. e. purchasing power.
The long-run aggregate supply relationship refers to: a. a time period long enough for the prices of both outputs and inputs to adjust to changes in the economy. b. any time period of more than a year
c. a time period in which input prices can change, but output prices have not had time to adjust. d. a time period in which output prices can change but input prices have not had time to adjust.
Less-developed countries are experiencing rapid population growth because _____
a. birthrates are rising at a slower rate than mortality rates b. birthrates are falling while mortality rates are rising c. both birthrates and mortality rates are falling d. birthrates are rising while mortality rates are falling e. birthrates are constant and mortality rates are rising
The question "Should children receive free lunch at school?" is an example of which fundamental economic question?
A. The What to Produce question. B. The Why to Produce question. C. The How to Produce question. D. The For Whom to Produce question.