Asked by
Afton Jackson
on Nov 17, 2024
Verified
When a free market for a good reaches equilibrium, anyone who is willing and able to pay the market price can buy the good.
Free Market
An economic system where prices for goods and services are determined by the open market and by consumers, with minimal government intervention.
Market Price
Today's rate at which one can sell or buy a service or asset.
- Comprehend the principle of equilibrium price and the interaction of market forces to achieve it.
Verified Answer
OT
Learning Objectives
- Comprehend the principle of equilibrium price and the interaction of market forces to achieve it.