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Economics
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21 Oct 2020

The intersection of the supply curve and demand curve is called:

    1. Market equilibrium

    2. Market-clearing level

    3. Both A and B

    4. Central point of efficiency

Booster class
Macroeconomics
Skill
Basic Demand-Supply
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Kristelle Balando
Kristelle BalandoLv10
21 Oct 2020

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Related questions

Suppose a competitive industry has excess supply represented by a high number of firms producing surplus output; as the industry reaches long run equilibrium, what happens to each of the following:

  1. Market demand curve
  2. Market supply curve
  3. The number of firms in the industry
  4. The equilibrium or market clearing price
  5. Economic profits for firms in the industry

The equilibrium rate of interest in the money market is determined by the intersection of the:

A. supply of money curve and the asset demand for money curve.

B. supply of money curve and the transactions demand money curve.

C. supply of money curve and the total demand for money curve.

D. investment demand curve and total demand for money curve.

Supply Price (Ss per hour) 8 9 Demand 1000 2000 3000 4000 5000 6000 7000 8000 Quantity (number of hours of gardening service per month) FIGURE 5-5 14) Refer to Figure 5-5. At the market-clearing price and quantity of $30 per hour and 4000 hours of gardening services purchased, the economic surplus is in the market is the sum of the areas A) below the demand curve, but above the market-clearing price of $30, that is, areas 1, 2, 6. B) below the demand curve, that is, areas 1, 2, 3, 4, 5, 6, 7, 8, 9. C) above the supply curve, but below the market-clearing price of $30, that is, areas 3, 4, 7. D) above the supply curve and below the demand curve, that is, areas 1, 2, 3, 4, 6, 7. E) below the demand curve, up to 400 hours, that is, areas 1, 2, 3, 4, 5, 6, 7, 8.

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