For a particular product, what is set by the point at which the quanti
QUESTION
For a particular product, what is set by the point at which the quantity supplied equals the quantity demanded?
A) benchmark price
B) fair price
C) wholesale price
D) price ceiling
E) market price
ANSWER
Answer: E
Explanation: E) The market price is set by the equilibrium of supply and demand. This is also called the equilibrium price.
Expert paper writers are just a few clicks away
Place an order in 3 easy steps. Takes less than 5 mins.