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Which of the following best describes the concept of equilibrium price?
A. Sellers are happy with the price, but buyers are unhappy with the quantity. B. Sellers are unhappy with the price, but buyers are happy with the quantity. C. Both sellers and buyers are unhappy with the price and quantity. D. Both sellers and buyers are happy with the price and quantity.
Buyers and sellers who have no influence on market price are referred to as what?
They are referred to as price takers.
Low-involvement buyers care mostly about?
Price
The equilibrium price or market clearing price is the price where the intentions of buyers and sellers match. True or False?
True
The law of demand indicates that as the price of a good increases?
Buyers
Which of the following best describes the concept of equilibrium price?
A. Sellers are happy with the price, but buyers are unhappy with the quantity. B. Sellers are unhappy with the price, but buyers are happy with the quantity. C. Both sellers and buyers are unhappy with the price and quantity. D. Both sellers and buyers are happy with the price and quantity.
How much did a wig maker make?
As much as they need to make for the buyers.
What is a unit price?
Unit price is a valuation method for buyers who purchase bulk
Buyers and sellers who have no influence on market price are referred to as what?
They are referred to as price takers.
What signal guides the decisions of buyers and sellers?
Price
Low-involvement buyers care mostly about?
Price
The equilibrium price or market clearing price is the price where the intentions of buyers and sellers match. True or False?
True
Do buyers know what the reserve price is at auctions?
The reserve price is hidden, unless a bid exceeds it.
The law of demand indicates that as the price of a good increases?
Buyers
How do car dealers price their cars?
It depends...when the dealer has a lot of cars and has enough experiences he can have lower prices. If he got them for a normal price he can sell them with a price which can fit the buyers. But usually they sell their cars with a little higher price so that the buyers don't notice it. :)
What is the bid an ask price in commodities?
"Ask" is the price sellers are asking for their commodity. "Bid" is the price buyers are willing to pay.
When is the market in short run equilibrium?
When the sellers and buyers agree on a price, and the price is stable, in the short run.
