Select all that apply. Select the items that describe what happens at the equilibrium price. Producers supply the exact goods that consumers buy. Consumers have enough goods, at the given price. There are many shortages and surpluses. Producers use their resources efficiently. The whole economy wastes its resources.

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Amanda Benjamin

Business

31 January, 07:49

Select all that apply. Select the items that describe what happens at the equilibrium price. Producers supply the exact goods that consumers buy. Consumers have enough goods, at the given price. There are many shortages and surpluses. Producers use their resources efficiently. The whole economy wastes its resources.

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Ernesto Pope · Answer 1

Answers are:

Producers supply the exact goods that consumers buy.

Consumers have enough goods, at the given price

Producers use their resources efficiently

At the equilibrium price, the quantity bought = quantity sold. Consumers have enough goods at the given price, meaning that there isn't anyone who wants to buy the good at that price but can't, and producers use their resources efficiently.

The whole economy does not waste resources, since this is the market-efficient outcome, and there aren't many shortages or surpluses for the same reason.