When a market is in equilibrium… A. the price determines which buyers and sellers participate in...
When a market is in equilibrium…
A. the price determines which buyers and sellers participate in the market
B. the good is produced by the sellers who produce at lowest cost.
C. the good is consumed by the buyers who value it the most.
D. (B) and (C) are correct
E. (A), (B), and (C) are correct.
Homework Answers
Market is basically in equilibrium where demand curve and supply curve intersect the market . Equilibrium tell us the equilibrium price and quantity that determines which buyers and sellers participate in the market .
Seller is basically satisfied when he / she have enough producer surplus . Thus seller produce goods at a lower cost.
Consumer usually are in equilibrium and consumed those goods that are most valued to them .
Hence market equilibrium usually satisfy all above three scenarios .
Hence (E) part is a correct answer
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