Asked by
Miracle Burton
on Oct 13, 2024
Verified
At equilibrium,quantity demanded is _____ equal to quantity supplied.
A) always
B) usually
C) sometimes
D) never
Equilibrium
A state in a market where supply equals demand, and there are no external forces prompting further change, leading to a stable price and quantity.
Quantity Demanded
The entirety of a good or service's amount that patrons are equipped and desirous to buy at a specified price rate.
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a given price in a specific period.
- Explain the function of supply and demand in setting market equilibrium and price levels.
- Acknowledge the repercussions of glut and lack on market circumstances and how these conditions recalibrate to establish equilibrium.
Verified Answer
KB
Learning Objectives
- Explain the function of supply and demand in setting market equilibrium and price levels.
- Acknowledge the repercussions of glut and lack on market circumstances and how these conditions recalibrate to establish equilibrium.