A market is in equilibrium when?
...A market is in equilibrium when?
There is no government intervention
The demand is the same as the supply
Buyers and sellers are free to sell more goods
There is no free entry and exit
Correct answer is B
Market equilibrium is a market state where the supply in the market is equal to the demand in the market. The equilibrium price is the price of a good or service when the supply of it is equal to the demand for it in the market.
Ranking is the method use in measuring ...
Which of the following is a luxury item? ...
The backward bending supply curve of labour indicates? ...
Which of the following best explains what to produce? ...
The study of economics is mainly concerned with how to ...
When workers have a union, the supply of labour is said to be ...