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a supply curve and a demand curve
A supply curve and a demand curve.

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Lela Bradtke

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3y ago

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Related Questions

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.


How can one determine producer surplus at equilibrium?

To determine producer surplus at equilibrium, calculate the area above the supply curve and below the equilibrium price. This represents the difference between the price producers are willing to accept and the price they actually receive, indicating their surplus.


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?


Why is an equilibrium price important?

It is how sellers determine the best possible price for their products for optimal profit.


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.


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 can one determine the consumer surplus at equilibrium in a market?

To determine the consumer surplus at equilibrium in a market, subtract the price that consumers are willing to pay from the actual market price. This calculation represents the benefit consumers receive from purchasing a good or service at a lower price than they are willing to pay.