Explain how supply and demand create equilibrium in the marketplace
What will be an ideal response?
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At equilibrium, the market for a good is stable. To find the equilibrium price and quantity, simply look for the price at which the quantity supplied equals the quantity demanded.
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If the money price of hats rises and no other prices change, the I. relative price of a hat rises. II. opportunity cost of a hat rises
A) only I B) both I and II C) only II D) neither I nor II
If at a given moment, no matter what the price, producers cannot change the quantity supplied, the momentary supply
A) has zero elasticity. B) has unit elasticity. C) has infinite elasticity. D) does not exist.
Price serves as a
A) rationing device. B) transmitter of information. C) means of determining who gets what of the available limited resources and goods. D) a and b E) all of the above
The government uses the four firm concentration ratio as a guideline to determine which proposed mergers are acceptable.
Answer the following statement true (T) or false (F)