Question
If a market is in equilibrium, then
Group of answer choices
at the equilibrium price, quantity demanded is equal to quantity supplied
the short-run quantities of supply and demand equal the long-run quantities of supply and demand
the short-run equilibrium price equals the long-run equilibrium price
demand curves and supply curves are the same
Group of answer choices
at the equilibrium price, quantity demanded is equal to quantity supplied
the short-run quantities of supply and demand equal the long-run quantities of supply and demand
the short-run equilibrium price equals the long-run equilibrium price
demand curves and supply curves are the same
Answers
GPT-4o mini
The correct answer is:
**at the equilibrium price, quantity demanded is equal to quantity supplied.**
In market equilibrium, the amount of goods and services that consumers are willing to purchase (quantity demanded) matches the amount that producers are willing to sell (quantity supplied) at a specific price level. This is the fundamental condition for market equilibrium.
**at the equilibrium price, quantity demanded is equal to quantity supplied.**
In market equilibrium, the amount of goods and services that consumers are willing to purchase (quantity demanded) matches the amount that producers are willing to sell (quantity supplied) at a specific price level. This is the fundamental condition for market equilibrium.