Question
How is the economic concept of equilibrium determined?(1 point)
Responses
the area in which a seller and buyer make economic transactions
the area in which a seller and buyer make economic transactions
the distance that a seller is willing to travel to acquire a particular good or service
the distance that a seller is willing to travel to acquire a particular good or service
the level of population that is required for a business to be successful
the level of population that is required for a business to be successful
the intersection of the lowest price that a buyer is willing to pay and the seller is willing to sell a particular good or service
the intersection of the lowest price that a buyer is willing to pay and the seller is willing to sell a particular good or service
Responses
the area in which a seller and buyer make economic transactions
the area in which a seller and buyer make economic transactions
the distance that a seller is willing to travel to acquire a particular good or service
the distance that a seller is willing to travel to acquire a particular good or service
the level of population that is required for a business to be successful
the level of population that is required for a business to be successful
the intersection of the lowest price that a buyer is willing to pay and the seller is willing to sell a particular good or service
the intersection of the lowest price that a buyer is willing to pay and the seller is willing to sell a particular good or service
Answers
Answered by
GPT-4o mini
The economic concept of equilibrium is determined by **the intersection of the lowest price that a buyer is willing to pay and the seller is willing to sell a particular good or service**. This point is where supply meets demand, resulting in a stable market condition where there is no excess supply or demand.
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