question 4 (1 point) when a market reaches its equilibrium price: a) the prices paid by the consumer are…

question 4 (1 point) when a market reaches its equilibrium price: a) the prices paid by the consumer are higher than they should be, triggering a shortage. b) the total quantity of the good demanded by consumers equals the total quantity supplied by firms. c) the prices paid by the consumer are higher than they should be, triggering a surplus. d) shortages and surpluses are common. this is why society must rely on command planning to get the amounts consumers desire to equal the amounts firms produce.

question 4 (1 point) when a market reaches its equilibrium price: a) the prices paid by the consumer are higher than they should be, triggering a shortage. b) the total quantity of the good demanded by consumers equals the total quantity supplied by firms. c) the prices paid by the consumer are higher than they should be, triggering a surplus. d) shortages and surpluses are common. this is why society must rely on command planning to get the amounts consumers desire to equal the amounts firms produce.

Answer

Brief Explanations:

The equilibrium price in a market is the price at which the quantity demanded by consumers matches the quantity supplied by firms. At this price, there is neither a shortage (where quantity demanded exceeds quantity supplied) nor a surplus (where quantity supplied exceeds quantity demanded).

Answer:

B. the total quantity of the good demanded by consumers equals the total quantity supplied by firms.