In a Competitive Market the Equilibrium Price and Quantity Occur

question 230

Multiple Choice

In a competitive market the equilibrium price and quantity occur where:

• A)the downward sloping demand curve intersects the upward sloping supply curve.
• B)the upward sloping demand curve intersects the downward sloping supply curve.
• C)consumers and suppliers bargain to a mutually acceptable price.
• D)quantity demanded exceeds quantity supplied or vice versa.

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Definitions:

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