Kim is looking to buy her first home. The home is listed at $250, 000. Given the neighbourhood that the home is in, and recent sales in the area, Kim is confident that the house is actually worth about $235, 000. Kim makes an initial offer of $220, 000 on the house. In this example, the listing price of the home ($250, 000) serves as a(n): O heuristic fixed point anchor Obounded rationality

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.