82 At the equilibrium price a buyers have bought all they wish to buy b the

82 at the equilibrium price a buyers have bought all

This preview shows page 13 - 15 out of 32 pages.

____ 82. At the equilibrium price,a.buyers have bought all they wish to buy.b.the amount sellers wish to sell equals the amount buyers wish to buy at that price.c.sellers have sold all they wish to sell.d.everyone in the market has been satisfied.e.All of the above are correct.____ 83. When there is excess supplyin a market,____ 84. In most free markets,____ 85. Buyers generally buy more of a good when____ 86. In general, in economics, the definition of elasticity isa.the friction that develops between buyer and seller in a market.b.a measure of the competitive nature of a market.c.a measure of how much government intervention is prevalent in a market.d.a measure of how much buyers and sellers respond to changes in market conditions, such as prices____ 87. Economists use the concept of price elasticity of demand to____ 88. Demand is said to be elastic
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14____ 89. Demand is said to be inelastic
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