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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?
  • Answers:
  1. By taking the opposite of the columns in a supply schedule and a demand schedule.
  2. By finding where the supply curve and the demand curve intersect.
  3. By moving the supply curve right or left until it matches the demand curve.
  4. 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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