In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.
The correct answer is B: "There is neither shortage nor surplus of goods".
The equilibrium price represents the price level at which the desires of producers and consumers meet in the market of a certain product or service. Therefore, the amount supplied and demanded are equal and the market clears. At the equilibrium point, there is neither shortage (excess of demand) nor surplus (excess of supply) of goods.
Latitude is the angular distance of a place north or south of the earth's equator, longitude is <span>the angular distance of a place east or west. </span>
Every time someone flushes a toilet in the apartment building, the shower becomes very hot and causes the person to jump back. Over time, the person begins to
