At equilibrium in a market for a product, the total revenues received by sellers equal the

1 answer:

6 0

Equilibrium is a situation where the seller’s Revenue and buyers cost are equal or intersect each other. In other words, the point of Equilibrium can be understood a level at which the total revenues received by sellers equal the total amount spent by buyers on the product.

At equilibrium in a market for a product, the total revenues received by sellers equal the: <u>Total amount spent by buyers on the product</u>

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