Answer to Question 1
The equilibrium price reflects that the highest price consumers are willing to pay for that amount of the good or service and is just equal to the minimum price that suppliers require for delivering it. Demanders would prefer to pay a lower price, but suppliers are unwilling to supply that quantity at a lower price. Suppliers would prefer a higher price, but demanders are unwilling to pay a higher price for that quantity. Hence neither demanders not suppliers can do business at a better price.
Answer to Question 2
B
The world attempted to deal with Somalia as if it were a real country but painfully learned that Som
How to create a price index to calculate inflation for a basket of goods
What is the value of the equilibrium constant, K, at 25°C for the reaction?
Your company advertises all prices on the menu board as a final price, including HST of 13%. A ...
The Hardy–Weinberg Equilibrium
The Hardy–Weinberg equilibrium for autosomal genes