Asked by
Donald Thomas II
on Nov 17, 2024
Verified
At the equilibrium price, the quantity that buyers want to buy exactly equals the quantity that sellers want to sell.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in a market balance.
Quantity
The quantity of a substance or item that is available or manufactured.
- Understand the concept of equilibrium price and how market forces interact to reach it.
Verified Answer
JB
Learning Objectives
- Understand the concept of equilibrium price and how market forces interact to reach it.