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When market equilibrium occurs, quantity demanded is equal to quantity supplied, which means that both sellers and buyers get what they want. Does a market reach market equilibrium on its own, or is it necessary to have some sort of regulator to manage the price and ensure there is equilibrium?

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Mahe Alam
Mahe AlamLv10
23 Sep 2020

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Related questions

Which of the following describes the difference between "scarcity" and "shortage"?

A) There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want.

B) There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price.

C) There is a scarcity of almost everything. Shortage occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price.

D) There is a scarcity of almost everything. Shortage occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the equilibrium price.

Answer the question on the basis of the given supply and demand data for wheat:

A. Refer to the data. If the price in this market was $4:

1. farmers would not be able to sell all their wheat.

2. buyers would want to purchase more wheat than is currently being supplied.

3. the market would clear; quantity demanded would equal quantity supplied.

4. there would be a shortage of wheat.

B. Equilibrium price will be

1. $4

2. $3

3. $2

4. $1

 

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