Price at which the quantity supplied is equal to the quantity demanded aka market-clearing price
What will be an ideal response?
equilibrium price
You might also like to view...
To evaluate whether a society is better or worse off than a year before, you really want to look at changes in real GDP
Indicate whether the statement is true or false
Brandon is considering buying a used car but he first downloads a report from the internet that shows the history of accidents and major repairs conducted on the car. This action is called
All but one of the following people were awarded a Nobel prize for their contributions to experimental economics and their explorations of the influence fairness has on consumer decision-making. Which person did not receive a Nobel Prize for this work?
A) Vernon Smith B) Alan Krueger C) Daniel Kahneman D) Maurice Allais
The problem with the strategy of achieving credibility through reputation is that
A. rules always have a lower cost than reputations in maintaining credibility. B. reputations lack any commitment. C. serious costs may be incurred during the period in which reputation is established. D. reputations are rarely credible.