Question

7. When a perfectly competitive market reaches equilibrium, which of the following statements are true: I. All consumers will get to consume the amount of the good they are willing to consume at that price and all suppliers will get to supply the amount of the good they are willing to supply at that equilibrium price 11. There will be no consumers who want to change their consumption behaviour and no suppliers who wish to change their supply decisions. III. The quantity of the good supplied by suppliers is just equal to the quantity of the good that consumers wish to purchase. A) only 1 F) II & III ) I & III B) only IIC G), II & III ) only III DI & IIE H) none of the three