Author Question: Market equilibrium is: a. defined as the condition in which there is neither a shortage or surplus. ... (Read 15 times)

Engineer · **on:** Jun 30, 2018

Market equilibrium is:
a. defined as the condition in which there is neither a shortage or surplus.
b. defined as the condition under which the separately formulated plans of buyers and sellers exactly mesh when tested in the market.
c. represented graphically by the intersection of the supply and demand curves.
d. all of the above.

Question 2

In a market, competitive forces guarantee that any price other than the equilibrium price is:
a. market-clearing.
b. stable.
c. temporary.
d. unaffordable.