Practice Quiz

CLEP Economics Exam Prep

Category - Economics

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Which of the following defines the equilibrium price for a product in a competitive market?
  1. The price that most consumers are willing to pay for the product
  2. The price at which business makes the maximum revenue
  3. The price that is equal to the total cost of producing and marketing the product
  4. The price at which the quantity supplied is the same as the quantity demanded
Explanation
Answer: D - The price at which the quantity supplied is the same as the quantity demanded is the equilibrium price for a product in a competitive market.
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