What is the equilibrium price of a good or service?
What will be an ideal response?
The equilibrium price is the price at which the quantity demanded by the buyers is equal to the quantity supplied by the sellers.
You might also like to view...
Specialization and trade can take place only if a country is endowed with more of something compared to other countries
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of a normative economic statement?
a. The inflation rate in the United States decreased 4 percent because the price of energy fell. b. The economy grew at an annual rate of 5 percent during the first quarter of this year. c. If two automobile companies merge, the price of automobiles will rise. d. An increase in international trade benefits some workers but hurts others. e. The minimum wage should be increased so that low-income workers can afford to keep up with the cost of living.
If production occurs where marginal social benefit equals marginal social costs, no pollution would occur.
Indicate whether the statement is true or false
Which of the following are quantity-setting oligopoly models?
A. Stackelberg. B. Stackelberg and Cournot. C. Cournot. D. Bertrand.