StudentLife6960 StudentLife6960
  • 19-02-2020
  • Chemistry
contestada

Another term for equilibrium price is a. dynamic price. b. market-clearing price. c. quantity-defining price. d. balance price.

Respuesta :

AyBaba7 AyBaba7
  • 23-02-2020

Answer:

Option B is correct.

Another name for equilibrium price is **market-clearing price**

Explanation:

Equilibrium price is defined as the price at which the quantity of products/goods/services demanded is equal to/matches the quantity of products/goods/services supplied.

The equilibrium price is also called the market clearing price because, at this price, there is no supply leftover (surplus) or demand leftover (deficit). The market is literally cleared!

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