Which of Following Is NOT True of an Equilibrium Price

question 96

Multiple Choice

Which of following is NOT true of an equilibrium price?

• A)Consumers who are willing to pay the equilibrium price can acquire the good.
• B)It measures the value of the last unit sold to consumers.
• C)It is always a fair and just price.
• D)Firms who are willing to accept the equilibrium price can sell what they produce.

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Definitions:

Fundamental Components

Basic elements or parts that are essential to the structure or functioning of a system or concept.

Criterion Test Bias

The presence of systematic differences in test performance among groups not attributable to the abilities or qualities the test intends to measure.

Bias

A condition which occurs when aspects of the test or test delivery unfairly penalize test takers due to personal characteristics.

Testing

The process of administering a test to measure an individual's abilities, skills, intelligence, or other attributes.