GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What do you call the amount where consumers get what they want and suppliers could sell what they’re offering?
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Quantity Demanded
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Quantity Supplied
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Equilibrium price
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Equilibrium quantity
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Explanation:
Detailed explanation-1: -Consumer surplus is an economic measurement of consumer benefits resulting from market competition.
Detailed explanation-2: -Equilibrium quantity is when there is no shortage or surplus of a product in the market. Supply and demand intersect, meaning the amount of an item that consumers want to buy is equal to the amount being supplied by its producers.
Detailed explanation-3: -Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants-a consumer may be able to differentiate between a need and a want, but from an economist’s perspective they are the same thing.
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