Respuesta :
Suppose that the buyers of bread earn higher incomes and bread is an inferior good. in the market for bread, this will cause the demand for bread to decrease and the equilibrium price to decrease.
What is the equilibrium price?
- At an equilibrium price, the forces of supply and demand are balanced.
- Prices tend to stabilize at this level unless specific supply or demand characteristics change.
- The equilibrium price will alter when supply, demand, or both move or change.
- The price that is agreed upon when a product transaction occurs is called an equilibrium price, sometimes referred to as a market clearing price. This price illustrates the intersection of supply and demand on a graph.
- A market price is not always a fair price because it is merely an outcome. It does not guarantee total satisfaction for either the buyer or the vendor.
- A market price has a feeling of rationality since it is commonly understood what buyers and sellers will do.
To learn more about equilibrium price with the given link
https://brainly.com/question/14480835
#SPJ4
