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Get faster at matching terms Terms in this set (8)Equilibrium The equilibrium price is the market price where the quantity of goods supplied is equal to the quantity of goods Excess Demand This is the point at which the demand and supply curves in the market intersect. Excess Supply Excess demand is created when price is set below the equilibrium price. Because the price is so low, too many consumers Market Price A situation in which the quantity of a good or service supplied is more than the quantity demanded, and the price is Price In economics, market price is the economic price for which a good or service is offered in th emarketplace.It is of interest Rationing Rationing controls the size of the ration, which is one's allowed portion of the resources
being distributed on a particular Relative Prices Price of a commodity such as a good or service in terms of another; i.e., the ratio of two prices. Substation Effect The Recommended textbook solutions
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ECONOMICS Would each of the following business practices be legal under antitrust law? Explain. you require purchasers to buy all of their office supplies from you. A. You have a parent for a superior fax machine and therefore are the only person able to sell that type of fax machine. In order to buy your fax machine, you require the purchaser to buy a service contract from you (even though other firms provide excellent service for your machine). B. You have invented a new type of correction fluid that does an amazing job covering up mistakes made on paper forms. In order to buy your correction fluid, C. You own a car dealership and plan to buy the dealership across the street and merge the two companies. There are several other car dealerships in town. Verified answer
ECONOMICS In thr 1990s many people speculated that the economy had been transformed by new technologies. Paul A. Volcker, former chairman of the U.S. Federal Reserve Bank, described it this way: "The speed of communication, the speed of information transfer, the cheapness of communication, the ease of moving things around the world are a diffrence in kind as well as degree." Do you think that business cycles are inevitable? Can they ever be eliminated entirely? Explain your answer. Verified answer ECONOMICS What is the probability of finding a z value between 0 and 0.76? Verified answer
ECONOMICS A machine is set to produce tennis balls so the mean bounce is 36 inches when the ball is dropped from a platform of a certain height. The production supervisor suspects that the mean bounce has changed and is less than 36 inches. As an experiment, a sample of 12 balls was dropped from the platform and the mean height of the bounce was 35.5 inches, with a standard deviation of 0.9 inches. At the .05 significance level, can the supervisor conclude that the mean bounce height is less than 36 inches? Verified answer Other Quizlet setsMacro Test 168 terms schofe13 Price control review15 terms Michael_Meraz7 Ch 6 Pearson Prentice Hall18 terms roadstosucces Chapters 3&473 terms peapod9 Related questionsQUESTION Depositors do not check their banks carefully for stability anymore, because of the federal deposit insurance program. This illustrates the problem of 9 answers QUESTION When the amount of output is such that marginal social benefit exceeds marginal social cost, then to reach the efficient quantity, 8 answers QUESTION Why do some economists advocate taxing consumption instead of income? 4 answers QUESTION three basic principles of free market economies 2 answers In which price quantity of demand is equal to quantity of supply?The equilibrium occurs where the quantity demanded is equal to the quantity supplied. If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. Excess demand or a shortage will exist.
Which is the price of electricity at which quantity supplied is equal to quantity demanded also called the equilibrium price?According to the definition, the equilibrium price is the price at which quantity supplied equals quantity demanded. From the table we can see that at $1.60, Qs = Qd = 2,400. Therefore $1.60 is the equilibrium price.
What is the product of price and quantity demanded?Inverse Relationship of Price and Demand
Thus, the price of a product and the quantity demanded for that product have an inverse relationship, as stated in the law of demand. An inverse relationship means that higher prices result in lower quantity demand and lower prices result in higher quantity demand.
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What is the price at which the quantity of goods demanded and the quantity of goods supplied equal?
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