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Lana71 [14]
3 years ago
7

In economics, "equilibrium price" is a situation in which

Social Studies
2 answers:
lubasha [3.4K]3 years ago
7 0

Answer:

Explanation:

The equilibrium price is the market price where the quantity of goods supplied is equal to the quantity of goods demanded. This is the point at which the demand and supply curves in the market intersect.

https://www.google.com/url?sa=i&source=images&cd=&ved=2ahUKEwjOweS9sdjkAhUoHDQIHdl7DDIQjRx6BAgBEAQ&url=https%3A%2F%2Fmanagementmania.com%2Fen%2Feconomic-equilibrium&psig=AOvVaw2Dm-MvyVPRlU0i_rid1QDW&ust=1568827897254347

iragen [17]3 years ago
3 0

Answer:

SUPPLY = DEMAND

Explanation:

In a market economy, consumers demand goods and services and companies provide goods and services. This interaction is established in the market having as its adjustment vector the price practiced. Thus, at some point there will be an equilibrium price where the supply of a good equals exactly the demand for that good.

For example, suppose a cookbook. When the price is high, the book supply is greater than the demand. When price is low, demand may be greater than supply. However, at the equilibrium price, the same quantity offered will be demanded, thus the economy will be in balance in this market. This extends to all products and the economy as a whole.

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