GK
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
What is the term that describes when the amount of goods produced is about the same as the number of consumers who are willing to buy the product?
|
|
risk
|
|
|
supply
|
|
|
demand
|
|
|
equilibrium point/market point
|
Explanation:
Detailed explanation-1: -In equilibrium the quantity of a good supplied by producers equals the quantity demanded by consumers.
Detailed explanation-2: -The equilibrium is the only price where quantity demanded is equal to quantity supplied. At a price above equilibrium, like 1.8 dollars, quantity supplied exceeds the quantity demanded, so there is excess supply.
Detailed explanation-3: -What Is Disequilibrium? Disequilibrium is a situation where internal and/or external forces prevent market equilibrium from being reached or cause the market to fall out of balance. This can be a short-term byproduct of a change in variable factors or a result of long-term structural imbalances.
There is 1 question to complete.