Question
Market equilibrium occurs ____________________________.
When buyers and sellers are in agreement over price and the quantities they will exchange
When marginal benefits exceed marginal costs
When any deviation from market equilibrium results in an improvement in welfare
When consumer surplus is greater than producer surplus
When buyers and sellers are in agreement over price and the quantities they will exchange
When marginal benefits exceed marginal costs
When any deviation from market equilibrium results in an improvement in welfare
When consumer surplus is greater than producer surplus
Answers
GPT-4o mini
Market equilibrium occurs **when buyers and sellers are in agreement over price and the quantities they will exchange**.
This definition captures the point at which the quantity of goods demanded by consumers equals the quantity of goods supplied by producers, resulting in a stable market price.
This definition captures the point at which the quantity of goods demanded by consumers equals the quantity of goods supplied by producers, resulting in a stable market price.