At the Equilibrium Price of a Good,the Good Will Be

question 14

Multiple Choice

At the equilibrium price of a good,the good will be purchased by those buyers who

• A)value the good more than price.
• B)value the good less than price.
• C)have the money to buy the good.
• D)consider the good a necessity.

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Definitions:

Equitable

Fair and impartial treatment or distribution, often in the context of socio-economic policies.

Excess Supply

When the quantity supplied of a good exceeds the quantity demanded.

Excess Demand

When the quantity demanded of a good exceeds the quantity supplied.

Utilities Possibilities Frontier

A graphical representation that shows the maximum amount of two different utilities that can be achieved with a given set of resources.