Question

At the equilibrium price, the quantity of the good that buyers are willing and able to buya. is greater than the quantity that sellers are willing and able to sell.b. exactly equals the quantity that sellers are willing and able to sell.c. is less than the quantity that sellers are willing and able to sell.d. Either a) or c) could be correct.

Answer 1

Answer:

The correct answer is (B)

Explanation:

The point where demand and supply intersect is known as the equilibrium point. The equilibrium point can shift downward and upward, and it depends on the demand and supply movement in the market. The equilibrium price is the point where the demand for a good is exactly equal to the supply of that good in the market. The equilibrium price is a desirable point in the market because, at this point, demand is equal to supply.