Questions and Answers
What is the economic model of price determination in a market called?
supply and demand
What is the unit price for a particular good determined by in a competitive market?
supply and demand
What is the point where the quantity demanded equals the quantity supplied called?
economic equilibrium
What is the theoretical basis of modern economics?
Signup and view all the answers
What is the name of the model used in macroeconomics to determine the quantity of total output and the aggregate price level in equilibrium?
Signup and view all the answers
