Question

At the equilibrium price, resources are _____ and consumers have _____ goods and services.

Answer 1

Answer:

At the equilibrium price, resources are not wasted and consumers have enough goods and services.

Explanation:

The market for a good is in balance when there is an equivalence between supply and demand (or demand) of that good, that is, when the quantities offered are equal to the quantity demanded of that good. The price at which the quantities offered will be equal to the quantities sought is called the equilibrium price; the equilibrium quantity is that which equals demand and supply.  When that balance happens, resources are not wasted and consumers have enough goods and services.