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Economics
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A product market is in equilibrium:

A. when there is no surplus of the product

B. when there is no shortage of the product

C. when consumers want to buy more of the product than producers offer for sale

D. where the demand and supply curves intersect.

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Insha Fatima
Insha FatimaLv10
28 Sep 2020

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Related questions

There will be a surplus of a product when:

A. Price is below the equilibrium level.

B. The supply curve is downward sloping and the demand curve is upward sloping.

C. The demand and supply curves fail to intersect.

D. Consumers want to buy less than producers offer for sale.

There will be a surplus of a product when:

  • the demand and supply curves fail to intersect
  • the supply curve is downward sloping and the demand curve is upward sloping
  • consumers want to buy less than producers offer to sell
  • price is below the equilibrium level
At the point where the demand and supply curves for a product intersect:
Ā 
A. The selling price and the buying price need not be equal.
B. The market may, or may not, be in equilibrium.
C. Either a shortage or a surplus of the product might exist, depending on the degree of competition.
D. The quantity that consumers want to purchase and the amount producers choose to sell are the same.

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