refer to the following figure(s). at a price of $20, which of the following statements is not correct?\no…
refer to the following figure(s). at a price of $20, which of the following statements is not correct?\no the quantity supplied is equal to the quantity demanded.\no equilibrium price is equal to equilibrium quantity.\no the market is in equilibrium.\no there is no pressure for price to change.\no the quantity of the good that is bought and sold is 600.
Answer
Brief Explanations:
In a market - equilibrium graph, equilibrium occurs where the supply and demand curves intersect. At a price of $20, the quantity supplied equals the quantity demanded, the market is in equilibrium, there is no pressure for the price to change, and the quantity bought and sold is 600. However, price and quantity are different variables with different units and meanings, so the equilibrium price is not equal to the equilibrium quantity.
Answer:
Equilibrium price is equal to equilibrium quantity.