Question

1. At equilibrium price quantity demanded is a. greater than quantity supplied b. equal to quantity supplied c. smaller than quantity supplied

2. When demand declines and supply stay the same a. equilibrium quantity rises b. equilibrium quantity declines c. equilibrium quantity stays the same
3. A supply schedule is determined by the wishes of a. sellers b. buyers c. buyers and sellers d. neither sellers nor buyers
4. What happens to quantity supplied when price is raised? a. it rises b. it falls c.it stays the same d. it cannot be determined if it rises, falls or stays the same

Answer 1

This question is about the principles of supply and demand in economics, specifically related to equilibrium price and quantity.

Step-by-step explanation:

The concept being discussed in this question is Economics. Specifically, it pertains to the principles of supply and demand and how they interact to determine equilibrium price and quantity in a market.

1. At equilibrium, the quantity demanded is equal to the quantity supplied.

2. When demand declines and supply stays the same, the equilibrium quantity declines.

3. A supply schedule is determined by the wishes of sellers.

4. When the price is raised, the quantity supplied rises.