If the market for corn is in equilibrium:
A)every buyer who wants to consume corn can acquire corn.
B)every producer who wants to sell corn can do so.
C)the price is set so that the quantity of corn produced is equal to the quantity of corn consumed.
D)all producers of corn earn the same amount of income from the sale of corn.

Question

Quizplus · Accepted Answer

When the market for corn is in equilibrium, the price is set so that the quantity of corn produced is equal to the quantity of corn consumed. This means that there is no shortage or surplus of corn, and the market is balanced. Buyers who want to consume corn can acquire it at the market price, and producers who want to sell corn can do so at the same price. However, it does not necessarily mean that all producers earn the same amount of income from the sale of corn.

If the Market for Corn Is in Equilibrium