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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.
What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
Shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
Which of the following is shown by 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 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.
What is shown by the intersection of supply curve 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 is shown by the intersection of the supply and the demand curve?
the equilibrium price of a good or service
Shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
Which of the following is shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
What is the amount of a good or service needed?
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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.
What most accurately describes how the equilibrium price of a good or service?
The equilibrium price of a good or service is the price at which the quantity demanded by consumers equals the quantity supplied by producers. At this point, there is no surplus or shortage in the market, leading to a stable market condition. Changes in factors such as consumer preferences, production costs, or external economic conditions can shift supply and demand, resulting in a new equilibrium price.
What is needed to determine the equilibrium price of a good or services?
a supply curve and a demand curveA supply curve and a demand curve.
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.
