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What is needed to determine the equilibrium price of a good or services?
Wiki User
∙ 8y ago
a supply curve and a demand curve
A supply curve and a demand curve.
Lela Bradtke
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What are needed to determine the equilibrium price of a good or service?
Consumers have inelastic demand
What is needed to determine equilibrium price of a good or a service?
a supply curve and a demand curveA supply curve and a demand curve.
How do price changes affect equilibrium?
Price changes affect the equilibrium price and quantity by Serving as a tool for distributing goods and services.
How do prices affect equilibrium?
Price changes affect the equilibrium price and quantity by Serving as a tool for distributing goods and services.
Process of price determination?
Price is determined at the point of equilibrium. Equilibrium is a point of balance. In other words, equilibrium is the point at which quantity demanded and quantity supplied is equal. That is, market equilibrium refers to a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is called equilibrium price.
What equilibrium price and equilibrium quantity?
equilibrium price and equilibrium quantity?: equilibrium price: When the price is above the equilibrium point there is a surplus of supply The market price at which the supply of an item equals the quantity demanded Price at which the quantity of goods producers wish to supply matches the quantity demanders want to purchase sa madaling salita supply=demand=price equilibrium quantity: Amount of goods or services sold at the equilibrium price The quantity demanded or supplied at the equilibrium price. supply=demand ayos?
What is Factor Market?
The market for a factor of production, such as labor or capital, in which supply and demand interact to determine the equilibrium price of the factor.
Why is an equilibrium price important?
It is how sellers determine the best possible price for their products for optimal profit.
How does price changes affect equilibrium?
By serving as a tool for distributing goods and services.
What happens to the equilibrium price when supply goes down?
When supply goes down the equilibrium price tend also to fallcausing the price of commodities to fall and hence shortage of goods and services to the economy.
How to graph the demand and supply functions to determine the equilibrium price and quantity?
check out the related link. ===========================
The price of peanut butter rises due to a blight on the peanut crop. peanut butter and jelly are complements. What happens to the equilibrium quantity and price of jelly?
(A)Equilibrium price falls, equilibrium quantity increases (B) Equilibrium price rises, equilibrium quantity falls (C) Equilibrium price falls, equilibrium quantity falls (D) Equilibrium price rises, equilibrium quantity rises
