A PRODUCT'S EQUILIBRIUM PRICE IS CONSTANTLY CHANGING IN RESPONSE T...

21. - TEST BANK FOR BUSINESS A CHANGING WORLD 5TH CANADIAN EDITION BY FERRELL 21. - TEST BANK FOR BUSINESS A CHANGING WORLD 5TH CANADIAN EDITION BY FERRELL
TEST BANK FOR BUSINESS A CHANGING WORLD 5TH CANADIAN EDITION BY FERRELL
21. A product's equilibrium price is constantly changing in response to changes in economic conditions, availability of resources, and degree of competition.→ TrueFalseChanging the price alters the supply curve, and a new equilibrium price results. This is an on-going process, with supply and demand constantly changing in response to changes in economic conditions, availability of resources, and degree of competition.True / False Question Accessibility: Keyboard NavigationBloom's: ComprehensionDifficulty: HardLearning Objective: 01-04 Describe the role of supply; demand; and competition in a free-enterprise system.