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10 June, 05:21

At a product's equilibrium price a. anyone who needs the product will be able to buy the product, regardless of ability to pay. b. any buyer who is willing and able to pay the price will find a seller for the product. c. not all sellers who are willing to accept the price will find buyers for their products. d. the federal government will provide the product to anyone who cannot afford it.

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  1. 10 June, 08:28
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    In Economics, equilibrium price implies the price of any commodity or service at which the overall supply of the commodity or service matches the overall demand for the commodity or service. Hence, any buyer or consumer who is willing and able to pay the price will find a seller and get the product. Hence, the correct answer is option b. in this case.

    Explanation:

    The equilibrium price indicates the equality between the supply and demand level in the market for any commodity or service. It ensures that at that particular commodity/service price, the overall demand of the consumers in the market is satisfied by the equivalent amount of market supply from the sellers or firms. Therefore, at the equilibrium price, there is no shortage or excess supply in the market and the suppliers are able to supply exactly what is demanded by all the consumers. Hence, any consumer who is willing and able to buy any commodity or service will be able to obtain that at the equilibrium price at which the sellers or suppliers are also willing to sell exactly what is demanded by the consumers. Again, this means that there is no shortage or excess supply of product or service in the market.
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