An equilibrium in a market results when the market a. produces a surplus. b. pro
ID: 1204730 • Letter: A
Question
An equilibrium in a market results when the market
a.
produces a surplus.
b.
produces an output at which the price consumers are willing to pay exactly equals the price producers are willing to accept.
c.
produces an output at which the demand curve lies above the supply curve.
d.
results in a product that can be purchased at many different prices.
e.
produces an output at which the supply curve lies above the demand curve.
a.
produces a surplus.
b.
produces an output at which the price consumers are willing to pay exactly equals the price producers are willing to accept.
c.
produces an output at which the demand curve lies above the supply curve.
d.
results in a product that can be purchased at many different prices.
e.
produces an output at which the supply curve lies above the demand curve.
Explanation / Answer
An equilibrium in a market results when the market:
* b. produces an output at which the price consumers are willing to pay exactly equals the price producers are willing to accept.
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