If the Equilibrium Price Is Achieved, All Willing Demanders Become

question 122

True/False

If the equilibrium price is achieved, all willing demanders become buyers.

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Definitions:

Free Trade

An economic policy that allows imports and exports between countries with minimal or no tariffs, quotas, or other restrictions.

World Price

The worldwide cost of a product or service, set by the conditions of international supply and demand.

Domestic Price

The price of goods or services within a particular country, unaffected by international market variables.

Oil Barrels

Standardized units measuring volumes of crude oil and its products, with one barrel equivalent to 42 U.S. gallons.