The equilibrium price of a good or service is most likely determined by finding where the supply curve and the demand curve intersect. This intersection point represents the price at which the quantity of the good or service supplied equals the quantity demanded, resulting in a stable market condition.
How is the equilibrium price of a good or service most likely determined?
Responses
matching the columns in a supply schedule and a demand schedule
matching the columns in a supply schedule and a demand schedule
moving the supply curve right or left until it matches the demand curve
moving the supply curve right or left until it matches the demand curve
finding where the supply curve and the demand curve intersect
finding where the supply curve and the demand curve intersect
doing market research to determine the maximum price consumers will pay
1 answer
1 answer