Principles of Microeconomics, 7th Edition

Published by South-Western College
ISBN 10: 128516590X
ISBN 13: 978-1-28516-590-5

Chapter 7 - Part III - Consumers, Producers, and the Efficiency of Markets - Quick Check Multiple Choice - Page 152: 5

Answer

b

Work Step by Step

When market is in equilibrium, it consists of those buyers whose willingness to buy is more than the equilibrium price and sellers, whose cost of production is less than the equilibrium price. In other words, when market is in equilibrium, only those buyers get the good whose willingness to buy is higher (more than equilibrium price) and only those sellers sell whose cost is low(less than equilibrium price).
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