Question

which of the following is true of the equilibrium price of a good or service A there is no incentive for the price to change at that point. B it occurs where the market demand and supply curves intersect. C it will change when consumer preference change.

Answer 1

Answer:

B it occurs where the market demand and supply curves intersect.

Explanation:

The equilibrium price is the current market price, as determined by the forces of demand and supply. It reflects the price at which buyers and sellers agree for a specified quantity of a product in a given time.

In a graph containing both the demand and supply curve, the equilibrium price is the two curves' intersection. At this price, there will be excess or short supply in the market.