Krugman's Economics For The Ap® Course
3rd Edition
ISBN: 9781319113278
Author: David Anderson, Margaret Ray
Publisher: Worth Publishers
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Question
Chapter 7, Problem 1MCQ
To determine
The correct option about the equilibrium.
Expert Solution & Answer
Explanation of Solution
The equilibrium is the economic situation where all market is clear i.e., demand equals supply, and any deviation from the equilibrium point will lead to a worse-off situation for the producers and consumers. Generally, the market achieves the equilibrium level at the intersection point of the market demand curve and the market supply curve.
At the equilibrium price, the quantity demanded equals the quantity supplied means there is no shortage or surplus of the product at this point.
Therefore, option “c” is correct.
Chapter 7 Solutions
Krugman's Economics For The Ap® Course
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