When the Price of a Product Is Set at a Level

question 59

Multiple Choice

When the price of a product is set at a level where demand and supply are the same,a state of _____ has been achieved.​

• A)price equilibrium
• B)​stability
• C)​inelastic demand
• D)symmetry

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Definitions:

Explicit Cost

The direct, out-of-pocket payment made by businesses for the use of resources.

Graphic Artist

A professional who creates visual content to communicate messages through digital and printed mediums.

Economic Profit

The difference between total revenues and total costs, including both explicit and implicit costs, measuring the true profitability of an enterprise.

Accounting Profit

The difference between a firm's total revenue and its explicit costs, often reported in the financial statements.