Question

Question 8(Multiple Choice Worth 4 points)

Answer 1

The correct option is C. The price of a product is set where both buyers and sellers are satisfied that phrase describes the market equilibrium.

What is the difference between market price and equilibrium price?

Demand and supply are interdependent, and this relationship determines market pricing. Demand and supply forces are balanced at an equilibrium price. Prices have a propensity to return to this equilibrium unless certain demand or supply characteristics alter.

The price at which the quantity of supply and demand is balanced is known as the equilibrium price. The point where the demand and supply curves cross is what determines it. There is a surplus when there is more supply of an item or service than there is demand for it at the going rate; this forces the price down.

Thus, C is the right answer. The market equilibrium is defined as the price of a good being determined at which both buyers and sellers are content.

Learn more about Equilibrium here:

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Answer 2

Answer:

The best answer for this question if C Where the market

Explanation:

You just need to see the difference between these two in order to get the correct answer. Once you know the difference you will be able to get the answer I gave you.