Consider a market where the demand curve is downward sloping and the supply curve is upward sloping (so they are neither vertical nor horizontal) .If the consumers' willingness to pay for the hundredth unit and the seller's willingness to accept for the 175th unit are both $5.00,then ________.
A) the equilibrium price is $5.00
B) the equilibrium quantity is 100 units
C) there is an excess supply of 75 units at the price of $5.00
D) there is an excess demand of 75 units at the price of $5.00
Correct Answer:
Verified
Q101: With real-world examples,explain the various factors that
Q102: Explain how the following will affect the
Q103: Which of the following is likely to
Q104: At a price of $1 per table,the
Q105: Which of the following is likely to
Q107: Assume that a worker in a technology
Q108: Consider a market where the demand curve
Q109: The equilibrium quantity in a perfectly competitive
Q110: In a perfectly competitive market,the market clearing
Q111: A surplus occurs in a market when
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents