Exhibit 3-3
-A market is in equilibrium when a price is low enough for all consumers to afford.

Name: Exhibit 3-3 -A market is in equilibrium when a price is low enough for all consumers to afford.
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Question

Exhibit 3-3 
-A market is in equilibrium when a price is low enough for all consumers to afford.

Quizplus · Accepted Answer

A market is in equilibrium when the quantity supplied equals the quantity demanded, not necessarily when the price is low enough for all consumers to afford. The affordability of a price depends on the individual consumers' incomes and preferences.

Exhibit 3-3 -A Market Is in Equilibrium When a Price Is Low