When a market is in equilibrium, which of the following is not correct Select one: a. the price determines which buyers and sellers participate in the market. b. those buyers who value the good more than the price choose to buy the good. c. those sellers whose costs are less than the price choose to produce and sell the good. d. the marginal cost of producing the last unit of the good is equal to consumers' marginal benefit from consuming the last unit e. the opportunity cost of producing the last unit of the good is equal to the absolute advantage of producing it.
When a market is in equilibrium, which of the following is not correct Select one: a. the price determines which buyers and sellers participate in the market. b. those buyers who value the good more than the price choose to buy the good. c. those sellers whose costs are less than the price choose to produce and sell the good. d. the marginal cost of producing the last unit of the good is equal to consumers' marginal benefit from consuming the last unit e. the opportunity cost of producing the last unit of the good is equal to the absolute advantage of producing it.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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When a market is in equilibrium, which of the following is not correct
Select one:
a. the price determines which buyers and sellers participate in the market.
b. those buyers who value the good more than the price choose to buy the good.
c. those sellers whose costs are less than the price choose to produce and sell the good.
d. the marginal cost of producing the last unit of the good is equal to consumers' marginal benefit from consuming the last unit
e. the opportunity cost of producing the last unit of the good is equal to the absolute advantage of producing it.
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