Author Question: In a market, at the equilibrium price A) neither buyers nor sellers can do business at a better ... (Read 74 times)

bobbie · **on:** Jun 29, 2018

In a market, at the equilibrium price

A) neither buyers nor sellers can do business at a better price.
B) buyers are willing to pay a higher price, but sellers do not ask for a higher price.
C) buyers are paying the minimum price they are willing to pay for any amount of output and sellers are charging the maximum price they are willing to charge for any amount of production.
D) None of the above is true.

Question 2

If the cross elasticity of demand for good x with respect to the price of good y is positive, then goods x and y are

A) normal goods.
B) inferior goods.
C) complements.
D) substitutes.