Business, 03.07.2020 18:01 Greenrune113

Assume the market for hammers is perfectly competitive and the current price is $15. If, at this price, the quantity of hammers demanded is 15,000, while the quantity supplied is 25,000, then... Market Equilibrium:
The market equilibrium for a good or service is determined by the interaction of the demand and the supply curve. At the equilibrium point, the quantity supplied is equal to the quantity demanded and the price paid by the buyers is equal to the price that the sellers are willing to accept.

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Assume the market for hammers is perfectly competitive and the current price is $15. If, at this pri...

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