The term equilibrium refers to the point where:
A. quantity supplied equals quantity demanded.
B. buyers and sellers "agree" on the quantity of a good they are willing to exchange at all prices.
C. the supply curve and demand curve do not intersect.
D. every buyer and seller achieves their best possible outcome.
A. quantity supplied equals quantity demanded.
You might also like to view...
If a firm is price differentiating, then it is
A) producing a homogeneous product. B) charging different prices to different consumers based on differences in marginal costs. C) charging different prices based on quality. D) charging different prices based on advertising costs.
The __________ school of economics holds that lower tax rates and less government intervention in the private sector are the only ways to stimulate saving, investment, and productivity.
Fill in the blank(s) with the appropriate word(s).
Microeconomics is concerned with individual performance as well as the economy as a whole.
Answer the following statement true (T) or false (F)
Refer to Figure 14.2. Other things equal, an increase in worker productivity would best be represented by a movement from
A) point A to point B. B) point B to point A. C) point C to point A. D) point C to point B.