In establishing an equilibrium price for a commodity, it is the volume of the commodity entering the market, a with the _____________________, which together determine the price.

Question

Quizplus · Accepted Answer

The volume of demand, along with the volume of the commodity entering the market, are key factors in determining the equilibrium price. This is because equilibrium price is reached when the quantity demanded by consumers equals the quantity supplied by producers.

In Establishing an Equilibrium Price for a Commodity, It Is