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FSOT Full Test Bank

Category - Economics

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What is a product’s equilibrium price?

Its production cost
The per unit cost, excluding overhead
The price that is equal to its inherent value
The price at which supply and demand are equal

Explanation

Answer: D - The equilibrium price is the price at which supply and demand are equal. If the price goes up, fewer people will want the good and there will be a surplus. If the price goes down, more people will want it and there will be a shortage.

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