Question

Select the items that describe what happens at the equilibrium price. Producers supply the exact goods that consumers buy. Consumers have enough goods, at the given price. There are many shortages and surpluses. Producers use their resources efficiently. The whole economy wastes its resources.

Answer 1

The items that describes what happens at the equilibrium price are:

Producers supply the exact goods that consumers buy.

Consumers have enough goods, at the given price.

Producers used their resources efficiently.

Equilibrium pricing is when the items demanded match the items supplied. When this happens, the demand and good available equal each other, hence, equilibrium. The pricing is exactly where it should be for consumers to want and purchase the good or service.

Answer 2

The items that describes what happens at the equilibrium price are:

1) producers supply the exact goods that consumers buy.
2) consumers have enough goods, at the given price.
3) producers used their resources efficiently