Question

At a price of $65, consumers demand 650 pairs of shoes, and sellers supply 650 pairs of shoes. The price of $65 (where quantity supplied and quantity demanded both equal 650 pairs of shoes) is the _____.

Answer 1

At the price of $65, where quantity supplied and quantity demanded both equal 650 pair of shoes is the equilibrium price

In economic, equilibrium price refer to a condition where the price favouring neither the consumers and the sellers, iwhich cause both of the parties have no desire to increase neither the supply nor the demand