In a Competitive Market the Equilibrium Price and Quantity Occur

question 230

Multiple Choice

In a competitive market the equilibrium price and quantity occur where:

• A)the downward sloping demand curve intersects the upward sloping supply curve.
• B)the upward sloping demand curve intersects the downward sloping supply curve.
• C)consumers and suppliers bargain to a mutually acceptable price.
• D)quantity demanded exceeds quantity supplied or vice versa.

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Definitions:

Independent Variables

Variables in an experiment that are manipulated to observe their effects on dependent variables.

Experimental Hypothesis

An assumption or prediction about the relationship between two variables or the outcome of an experiment designed to be tested through research.

Control Conditions

Conditions in an experiment that are kept constant to accurately test the impact of the experimental factor.

Experimental Procedures

Systematic processes undertaken to discover new knowledge or to test hypotheses by manipulating variables and observing the outcomes.