Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which needs to be true for a market to be in equilibrium? Buyers willingly demand the quantity offered for sale by suppliers at the given

Which needs to be true for a market to be in equilibrium?

Buyers willingly demand the quantity offered for sale by suppliers at the given price.

All consumers who might potentially want the good or service choose to purchase some at the given price

There must be excess supply in the market at the given price to make sure there is sufficient supply to meet demand.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Valuing The Earth, Economics, Ecology, Ethics

Authors: Herman E Daly, Kenneth N Townsend

2nd Edition

0262540681, 9780262540681

More Books

Students also viewed these Economics questions

Question

Define 'business strategy'.

Answered: 1 week ago

Question

=+e) What probably happened to earnings after the initial 17 days?

Answered: 1 week ago