At an equilibrium price for gasoline,

a. everyone with the desire and the income to buy gasoline at that price can do so.

b. surpluses are inevitable.

c. inherent market forces will eventually change the quantities demanded and supplied.

d. suppliers must be using the most efficient oil-drilling equipment available.

Question

Jaida Mathis

Business

22 September, 22:10

At an equilibrium price for gasoline,

a. everyone with the desire and the income to buy gasoline at that price can do so.

b. surpluses are inevitable.

c. inherent market forces will eventually change the quantities demanded and supplied.

d. suppliers must be using the most efficient oil-drilling equipment available.

+3

Answers (1)

Know the Answer?

Rosemary Parks · Answer 1

Option A is correct.

At equilibrium, the demand equals the price. That means the quantity demanded will match with the quantity supplied. This happens only when the buyers have the sufficient monetary resources and desire to buy the gasoline at the given price. If the demand does not match with the price, the market can not reach at the equilibrium.