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What is an example of how the equilibrium price of a good or service can be determined?
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Which most accurately describes how the equilibrium price of a good or a service can be determined?
By finding where the supply curve and the demand curve intersect.
What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
How equilibrium of price level and real GDP is determined?
The answer is AJ Sanders
How is the equilibrium price determined?
It is the price where the intentions of buyers and sellers match. where the supply and demand curves intersect
How is the equilibrium price related to the equilibrium quantity and how can these values be determined?
Demand: 300x+1500 Supply: 20x-q+1200?
Which most accurately describes how the equilibrium price of a good or a service can be determined?
By finding where the supply curve and the demand curve intersect.
What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
How equilibrium of price level and real GDP is determined?
The answer is AJ Sanders
How is the equilibrium price determined?
It is the price where the intentions of buyers and sellers match. where the supply and demand curves intersect
How is the equilibrium price related to the equilibrium quantity and how can these values be determined?
Demand: 300x+1500 Supply: 20x-q+1200?
A shortage will develop when?
The market price is below the equilibrium price.
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 is shown by the intersection of the supply and the demand curve?
the equilibrium price of a good or service
What is the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
What are needed to determine the equilibrium price of a good or service?
Consumers have inelastic demand
What price when demand is zero?
If demand is zero, then the equilibrium price is zero and it would be unwise to supply such a good or service.
Shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
