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justxdrive justxdrive
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3 months ago
Which of the following statements correctly describes perfectly competitive market equilibrium?

▸ Multiple equilibriums are possible for a given set of demand and supply curves in a competitive market.

▸ Competitive markets converge to the price at which quantity supplied and quantity demanded are equal.

▸ There is always excess supply or excess demand when the competitive market is in equilibrium.

▸ Government intervention is necessary for the competitive market to reach equilibrium.
Textbook 
Macroeconomics

Macroeconomics


Edition: 3rd
Authors:
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thomas1993thomas1993
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Competitive markets converge to the price at which quantity supplied and quantity demanded are equal.
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justxdrive Author
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3 months ago
Thank you, thank you, thank you!
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Brilliant ツ
lierac00
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Correct Slight Smile TY
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