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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

At equilibrium in a market, the maximum price that buyers would be willing to pay for the good is equal to the minimum price that sellers need to receive before they are willing to sell the good. Do you agree or disagree with this statement? Explain your answer.

To determine

Acceptability of the statement.

Explanation

The given statement is acceptable. The intersecting point of the demand and supply curve is the equilibrium point and the corresponding price and quantity is the equilibrium price and equilibrium quantity. At the market equilibrium situation, the quantity demanded is equal to quantity supplied...

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