https://dominicanu.instructure.com/courses/92 9/quizzes/1853153/take | All of th
ID: 1132614 • Letter: H
Question
https://dominicanu.instructure.com/courses/92 9/quizzes/1853153/take | All of the following are characteristic of a market equilibrium price with one exception. The exception is: Consumers who are willing to pay the equilibrium price can acquire the good. O It measures the value of the last unit sold to consumers. O It is always a fair and just price. Firms who are willing to accept the equilibrium price can sell what they produce. It measures the cost of resources required to produce the last unit.Explanation / Answer
ANSWER:
4) THE CORRECT ANSWER IS OPTION C THAT IS IT IS ALWAYS A FAIR AND JUST PRICE AS THE PRICE IS MERELY AN OUTCOME OF THE QUANTITY SUPPLIED AND QUANTITY DEMANDED.
5) THE CORRECT ANSWER IS OPTION E THAT IS SMALLER OF THE QUANTITY DEMANDED AND QUANTITY SUPPLIED BECAUSE WHEN THERE IS NO EQUILIBRIUM , THERE WILL BE EITHER EXCESS DEMAND OR EXCESS SUPPLY AND DUE TO WHICH THE SMALLER SIDE OF THE MARKET DETERMINES THE QUANTITY SOLD.
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