Which of the Following Statements Is Correct

question 57

Multiple Choice

Which of the following statements is correct?

• A) The quantity of goods bought in a market has to be equal to the quantity of goods sold.
• B) For a market to be in equilibrium, the number of buyers needs to be equal to the number
• C) At the equilibrium price, sellers bene?t more from trade than buyers.
• D) The demand curve and supply curve intersect at all the different equilibrium points.

Calculate the price elasticity of supply and demand using given data.

Differentiate between elastic, inelastic, unitary, perfectly inelastic, and perfectly elastic supply and demand.

Identify factors affecting price elasticity of supply and demand.

Determine the effect of income changes on the demand for goods (normal and inferior goods).

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Definitions:

Limited

Restricted in size, amount, or extent; having boundaries or constraints.

Hierarchical Structure

An organizational framework where members are ranked according to levels of importance or authority, often found in institutions and corporations.

Ethic of Caring

A moral standpoint emphasizing the importance of interpersonal relationships and compassion in ethical decision-making.