-(Exhibit: Markets and Efficiency) In panel (a): A) the price of apples is $0.80 and the quantity demanded is Q₁. B) the equilibrium price ensures that quantity demanded will match quantity supplied. C) the equilibrium price ensures that there will be neither surpluses nor shortages. D) all of the above are true.

Question

Quizplus · Accepted Answer

All the statements are true regarding panel (a) in the context of markets and efficiency. The equilibrium price is where the quantity demanded equals the quantity supplied, ensuring no surpluses or shortages at that price.

-(Exhibit: Markets and Efficiency) in Panel (A)