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- Equilibrium in the market is achieved when * A. there is the same number of buyers and sellers. B.there is no shortage or surplus of products. C. every buyer buys a product from the seller. D. buyers and sellers agree on the same price.Suppliers will provide more of a good when the market price increases. the good is a normal good. resource prices increase. there is a decrease in demand.The equilibrium price means that the supply and demand for a product are in balance.True or False
- Surplus in market is occured when: a. Price is equal to Quantity supplied b. Quantity supplied is greater than Quantity demanded. c. Quantity supplied is less than quantity demanded. d. Quantity Demanded is equal to Quantity Supplied. e. NoneIf the prevailing market price is the market equilibrium price, then A. QD = QS (quantity demanded = quantity supplied). B. no shortage will occur in the marketplace. C. no surplus will occur in the marketplace. D. price is not expected to rise nor fall. E. All of above.Holding all else constant, an increase in the price of a good would necessarily Group of answer choices increase the supply of the good. increase consumer surplus. decrease consumer surplus. decrease producer surplus. increase social welfare.
- TRUE OR FALSE? A market is an interaction between buyers and sellers for trade or exchange. The consumer sells and the seller buys. The increase or decrease in the entire demand is shown through a shift of the entire demand curve. This is referred to as a change in demand. The supply curve is upward sloping from left to right. The demand curve is downward sloping from left to right.If buyers expect the price of a good will be lower in the future, then? Group of answer choices the current demand for the good decreases the market will act to buy more goods now the current supply of the good increases because fewer people buy it. the current quantity demanded increases there is no impact on the demand for the goodA demand schedule shows....the “market potential” for a product.how much consumers are willing and able to buy at different prices.possible combinations of output under different conditions.how much producers would like to sell at different prices.All of these responses are correct.
- When a market is in equilibrium, which of the following is not correct Select one: a. the price determines which buyers and sellers participate in the market. b. those buyers who value the good more than the price choose to buy the good. c. those sellers whose costs are less than the price choose to produce and sell the good. d. the marginal cost of producing the last unit of the good is equal to consumers' marginal benefit from consuming the last unit e. the opportunity cost of producing the last unit of the good is equal to the absolute advantage of producing it.A market is in equilibrium when supply is equal to demand. the price is adjusting upward. the quantity supplied is equal to the quantity demanded. tastes and preference remain constant.Market mechanism means a.. Price and potential supply going to the different direction. . b. Shortage is caused by lower price. c. Higher Price means higher demand. d. Surplus is caused by higher price. . e . None of the above.
