At Equilibrium,quantity Sold Equals the Quantity Bought

question 48

Multiple Choice

At equilibrium,quantity sold equals the quantity bought.This implies that

• A) to sell more, producers require more in payment than consumers are willing to pay.
• B) government regulation is necessary.
• C) to sell less would require a lower price but would yield greater profit.
• D) those who don't buy have been treated unfairly.

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Definitions:

Price Floor

A government-imposed minimum price that can be charged for a good or service, aimed at preventing prices from falling too low.

Quantity Supplied

Refers to the amount of a good or service that producers are willing to sell at a given price over a specific period.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price.

Rent-Controlled Apartments

Rent-controlled apartments are rental units subject to governmental regulations that limit the amount landlords can charge for rent, often to protect tenants from rapid price increases.