A product market is in equilibrium:
A. when there is no shortage of the product.
B. when there is no surplus of the product.
C. when consumers want to buy more of the product than producers offer for sale.
D. where the demand and supply curves intersect.
Answer: D
You might also like to view...
In recent years, U.S. exports have exceeded U.S. imports
Indicate whether the statement is true or false
In the situation shown by this graph, what will be the most likely result of the fiscal policy on employment?
a. The unemployment rate will fall.
b. The unemployment rate will rise.
c. The unemployment rate will remain unchanged.
d. The unemployment rate will move unpredictably.
Lars almost always use SpeedyStop gas station because it is close to his home. What type of product differentiation is he being influenced by?
a. physical differences b. prestige c. location d. service
The idea that supply creates its own demand is known as
A. Say's law. B. Keynes' law. C. the law of diminishing returns. D. Murphy's law