A competitive equilibrium is described by
A) a price only.
B) a quantity only.
C) the excess supply minus the excess demand.
D) a constant price and a quantity.

Name: A competitive equilibrium is described by A) a price only. B) a quantity only. C) the excess supply minus the excess demand. D) a constant price and a quantity.
Brand: Quizplus
Rating: 4.9 (37 reviews)

Question

Quizplus · Accepted Answer

A competitive equilibrium is determined by both a constant price and a quantity, as these two variables are interdependent and must be in balance for the market to clear.

A Competitive Equilibrium Is Described by