At an equilibrium price for gasoline, a. Everyone with the desire and the income to buy gasoline at that price can do so. b. Surpluses are inevitable. c. Inherent market forces will eventually change the quantities demanded and supplied. d. Suppliers must be using the most efficient oil-drilling equipment available.
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The correct statement among the options regarding the equilibrium price for gasoline is:
a. Everyone with the desire and the income to buy gasoline at that price can do so.
In an equilibrium state in the market for gasoline, the price reached enables all buyers who are willing and able to purchase gasoline at that price to do so. This price balances the quantities demanded by consumers with the quantities supplied by producers, ensuring that the market clears without shortages or surpluses at that specific price level.