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JohnPope JohnPope
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6 years ago
Suppose the market price of corn is $5.50 per bushel. What are the three conditions that will need to be satisfied for the corn market to be in equilibrium at this price?
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6 years ago
Answer:

For the market to be in equilibrium, three conditions will need to be satisfied.

•   At the price of $5.50 per bushel, the amount of corn produced by sellers should be equal to the amount of corn purchased by buyers in the market.

•   Farmers have chosen the optimal quantity of corn to produce given the price of $5.50 per bushel.

•   Consumers have chosen the optimal quantity of corn to buy given the price of $5.50 per bushel.
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