Which of the following is true about a market at equilibrium price?
a.The market does not clear.
b.There tend to be shortages because the price is so low.
c.At the prevailing price, there is no market basis for the price to change.
d.Demand is low because the price is so high.
Answer) Market at equilibrium price implies that demand is eual to supply and equilbrium quantity along with equilibrium price is achieved,now we will evaluate all 4 options.
Based on above explanations,correct answer is option c) At the prevailing price,there is no market basis for the price to change
Answer is complete.Thank you!
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