(1 point)
Responses
Market prices are often set by buyers rather than by sellers.
Market prices are often set by buyers rather than by sellers.
Supply and demand are not well-understood by business owners.
Supply and demand are not well-understood by business owners.
The equilibrium is not always the most profitable price point.
The equilibrium is not always the most profitable price point.
It is not always practical for businesses to change their prices on a daily basis in order to reflect the equilibrium price
1 answer
The most accurate reason that market prices are not always the same as equilibrium prices is:
It is not always practical for businesses to change their prices on a daily basis in order to reflect the equilibrium price.
This reflects the idea that businesses may keep prices stable for various practical reasons, such as customer expectations, administrative costs, or competitive strategy, even if market conditions suggest a different equilibrium price.
1 answer
1 answer
2 answers
1 answer