Quantity supplied\" refers to the amount of a good or service that a firm is wil
ID: 1138722 • Letter: Q
Question
Quantity supplied" refers to the amount of a good or service that a firm is willing and able to provide at a given price True False D Question 23 Which of the following is the correct way to describe equilibrium in a market? O At equilibrium, demand equals supply O At equilibrium, scarcity is eliminated At equilibrium, market forces no longer apply. At equilibrium, quanity demanded equsals quanitity supplied D Question 24 At a product's equilibrium price the quantity of the product demanded is greater than the quarityt of the product suppled the product's demand curve crosses the product's supply curve. the product's demand curve is the same as the product's supply curve O the quantity of the product demanded is less than the quantity of the product suppled searchExplanation / Answer
22.
Since the quantity supplied of a good can be defined those quanties of goods which a firm or business is able and able to at a given Price.
Hence the given statement is true.
23.
The equilibrium exists at a point where quantity demand of a good is equal to the quantity supplied of a good.
Hence option fourth is the correct answer.
24. Since the equilibrium price is determined corresponding to the intersection of demand and supply curve.
It means at equilibrium price, the product demand curve intersect products supply curve.
Hence option second is the correct answer.