At the Equilibrium Price, the Quantity That Buyers Want to Buy

question 160

True/False

At the equilibrium price, the quantity that buyers want to buy exactly equals the quantity that sellers want to sell.

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Definitions:

Total Cost

The sum of fixed and variable costs incurred in the production of goods or services.

Fixed Costs

Costs that do not change with the level of output or production, such as rent, salaries, and loan payments.

Output Level

The total amount of goods or services produced by a business, sector, or economy within a specific timeframe.

Average Variable Cost

The total variable costs (like labor and materials) divided by the quantity of output produced, indicating the variable cost per unit.