Which of Following Is NOT True of an Equilibrium Price

question 32

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 price.
• D) Firms who are willing to accept the equilibrium price can sell what they produce.
• E) It measures the cost of resources required to produce the last unit.

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Definitions:

Slave Code

Laws established in the colonial and antebellum South to regulate the lives of enslaved African Americans, dictating virtually every aspect of their lives.

Stephen Douglas

An American politician from Illinois and designer of the Kansas-Nebraska Act, which promoted popular sovereignty allowing settlers to decide if they would allow slavery within their borders.

Southern Democrats

Members of the Democratic Party in the southern United States, historically associated with the defense of slavery pre-Civil War and support for segregation and Jim Crow laws post-Civil War.

1858 Senatorial Campaign

Notable for the series of seven debates between Abraham Lincoln, the Republican candidate, and Stephen A. Douglas, the Democratic nominee, focusing on the issue of slavery in America.