In most markets,the equilibrium price is achieved
A)Through detailed databases.
B)Using an equilibrium price formula.
C)Through government mandate.
D)Through trial and error.

Question

Quizplus · Accepted Answer

The equilibrium price is typically achieved through the process of trial and error, as buyers and sellers adjust their behaviors and pricing strategies in response to market conditions until a stable price is reached. Factors that can affect the equilibrium price include supply and demand, production costs, consumer preferences, and external events like natural disasters or changes in government policy. While databases and formulas can be useful tools for predicting market trends, they are not typically used to directly determine the equilibrium price. Mandates may be used in some cases to influence market behavior, but they are not typically used to directly determine the equilibrium price.

In Most Markets,the Equilibrium Price Is Achieved