Question

1. Equilibrium in a market means which of the following?

Answer 1

Answer:

the point at which quantity supplied and quantity demanded are the same

Explanation:

Answer 2

Answer:

the point at which quantity supplied and quantity demanded are the same

Explanation:

Equilibrium in a market means the point at which quantity supplied and quantity demanded are the same. For a market to attain a state of equilibrium, the quantity of goods supplied should be equal to the quantity demanded to ensure there is neither demand nor supply surplus