Question

in the above figure, the unregulated, competitive market equilibrium is tuition of and the equilibrium quantity is students in college. group of answer choices $6,000; 50 million $12,000; 40 million $18,000; 30 million $18,000; 50 million

Answer 1

The uncontrolled, competitive market equilibrium in the aforementioned graph has a tuition of $18,000 and a quantity of 30 million college students.

What Is Competitive Equilibrium?

Competitive equilibrium is a situation in which profit-maximizing producers and utility-maximizing customers reach an equilibrium price in competitive markets with freely determined prices. The quantity supplied and the quantity demanded are equal at the equilibrium price.

Why do competitive marketplaces alter equilibrium?

The market is constantly moving towards equilibrium because if the price is too high, there is a surplus and prices tend to drop until the surplus is sold and equilibrium is attained, and if the price is too low, there is a shortage and manufacturers raise prices and increase quantity provided.

Learn more about competitive market equilibrium: brainly.com/question/14412690

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