Asked by
Akiiaa Sarai
on Oct 13, 2024
Verified
At equilibrium,if quantity supplied is 16,quantity demanded
A) is less than 16.
B) is 16.
C) is more than 16.
D) cannot be found without more information.
Equilibrium
A situation in the market where demand and supply balance out, causing prices to remain stable.
Quantity Supplied
The total amount of a good or service that producers are willing to sell at a given price over a specific period.
Quantity Demanded
The amount of a good or service that consumers are willing and able to purchase at a given price.
- Understand the concept of equilibrium in a market and how it is determined by the forces of supply and demand.
Verified Answer
PS
Learning Objectives
- Understand the concept of equilibrium in a market and how it is determined by the forces of supply and demand.