Which of the following most accurately describes how the equili…
Question 2a of 10 - Supply and demand
- Maximum Attempts: 1
- Question Type: Multiple Choice
- Maximum Score: 2
- Question: Which of the following most accurately describes how the equilibrium price of a good or service can be determined?
- By taking the opposite of the columns in a supply schedule and a demand schedule.
- By finding where the supply curve and the demand curve intersect.
- By moving the supply curve right or left until it matches the demand curve.
- By doing market research to determine the maximum price consumers will pay.
The correct answer is: By finding where the supply curve and the demand curve intersect. The equilibrium price is the price at which quantity supplied equals quantity demanded.
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