Asked by
Gabriella Zuniga
on Nov 03, 2024
Verified
Under which of the following conditions,the equilibrium price is established?
A) Prevailing market price of an item is same as the price at which a consumer can buy the item
B) Demand curve and the supply curve are parallel to each other
C) Opportunity cost of a product is greater than its production cost
D) Production cost of an item is greater than its selling price
Equilibrium Price
Prevailing market price at which you can buy an item.
- Grasp the concept of market equilibrium and how prices are determined in the market.
Verified Answer
GR
Learning Objectives
- Grasp the concept of market equilibrium and how prices are determined in the market.