At equilibrium, which of the following are true?

buyers' willingness to pay is equal to sellers' willingness to accept

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quantity demanded is equal to the quantity supplied

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there is no shortage or surplus

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all of these

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Solution

The correct option is D
all of these

At equilibrium, buyers' willingness to pay is equal to sellers' willingness to accept. The quantity demanded is equal to the quantity supplied. Hence there is no excess demand or supply.

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Similar questions

For a price-taking firm, willingness to accept is equal to the ______.

At which of the following points is the quantity demanded and quantity supplied equal?

Consider the following demand and supply functions for a good.

Quantity demanded = 160 - 2p

Quantity supplied = - 40 + 2p

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(ii) Find out a price at which there is excess demand.

(iii) Find out a price at which there is excess supply.

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