Choose the most accurate one Market mechanism means a. Potential supplier is aware of potential buyers’ price offer b. potential seller is looking for higher price c. Potential buyer is looking for higher price d . Market equilibrium is decided by buyer and sellers only. . e. equilibrium is decided by the help of government. f b and d

Answered: Choose the most accurate one Market…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Choose the most accurate one Market mechanism means a. Potential supplier is aware of potential buyers’ price offer b. potential seller is looking for higher price c. Potential buyer is looking for higher price d . Market equilibrium is decided by buyer and sellers only. . e. equilibrium is decided by the help of government. f b and d

Expert Solution

Step 1- Introduction

The consumers, and suppliers in the economy are considered to be very important entities. The buyers in the market tend to consume the goods, services, and other products. The buyers spend money on the purchase of these goods, and services.

The sellers on the other hand are the producers, or the suppliers of various goods, and services. These suppliers produce goods and services with the motive of earning profits and minimizing the costs which they incur on the purchase of the factors of production.