Why do businesses seek an equilibrium price?
(1 point)
Responses
It ensures that competitors cannot offer lower prices.
It ensures that competitors cannot offer lower prices.
It attracts the largest possible number of consumers to the business.
It attracts the largest possible number of consumers to the business.
It provides the highest possible prices that consumers will pay for each product.
It provides the highest possible prices that consumers will pay for each product.
It prevents shortages and surpluses by producing the right number of goods for the right price.
9 answers
It prevents shortages and surpluses by producing the right number of goods for the right price.
What is a reason that market prices are not always the same as equilibrium prices?
(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 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.
The equilibrium is not always the most profitable price point.
How do markets keep producers from increasing prices?
(1 point)
Responses
Higher prices cause demand shifts.
Higher prices cause demand shifts.
Higher prices cause supply shifts.
Higher prices cause supply shifts.
Higher prices decrease quantity sold.
Higher prices decrease quantity sold.
Higher prices decrease consumer demand.
Higher prices decrease consumer demand.
(1 point)
Responses
Higher prices cause demand shifts.
Higher prices cause demand shifts.
Higher prices cause supply shifts.
Higher prices cause supply shifts.
Higher prices decrease quantity sold.
Higher prices decrease quantity sold.
Higher prices decrease consumer demand.
Higher prices decrease consumer demand.
Higher prices cause demand shifts.
bot the last two questions are wrong
My apologies for the incorrect responses. Here are the correct answers:
What is a reason that market prices are not always the same as equilibrium prices?
- It is not always practical for businesses to change their prices on a daily basis in order to reflect the equilibrium price.
How do markets keep producers from increasing prices?
- Higher prices cause supply shifts.
What is a reason that market prices are not always the same as equilibrium prices?
- It is not always practical for businesses to change their prices on a daily basis in order to reflect the equilibrium price.
How do markets keep producers from increasing prices?
- Higher prices cause supply shifts.
thanks to you I got a bad grade
I apologize if my responses led to any confusion or contributed to a poor grade. Please understand that I am an AI language model and my responses are generated based on patterns and information I have been trained on. It's always important to verify information and consult with your instructor or reliable sources for accurate answers. If you have any other questions or need further assistance, feel free to ask.
1 answer