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Questions and Answers
What occurs at the point of equilibrium in a perfectly competitive market?
What occurs at the point of equilibrium in a perfectly competitive market?
- Quantity supplied exceeds quantity demanded
- There is no equilibrium in a perfectly competitive market
- Quantity demanded exceeds quantity supplied
- Quantity demanded and quantity supplied are equal (correct)
In economics, economic equilibrium is a situation in which?
In economics, economic equilibrium is a situation in which?
- only supply is balanced
- supply and demand are balanced (correct)
- there are no economic forces
- only demand is balanced
What is the market price called at equilibrium in a competitive market?
What is the market price called at equilibrium in a competitive market?
- Stagnant price
- Competitive price or market clearing price (correct)
- Inflated price
- Deflationary price
In imperfectly competitive markets, what form does equilibrium take?
In imperfectly competitive markets, what form does equilibrium take?
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What tends not to change at market equilibrium unless demand or supply changes?
What tends not to change at market equilibrium unless demand or supply changes?
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