BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The point where supply and demand are equal.
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Market Price
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Trade-off
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Services
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Scarcity
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Explanation:
Detailed explanation-1: -An equilibrium price is a balance of demand and supply factors. There is a tendency for prices to return to this equilibrium unless some characteristics of demand or supply change. Changes in the equilibrium price occur when either demand or supply, or both, shift or move.
Detailed explanation-2: -A market-clearing price is the price of a good or service at which quantity supplied is equal to quantity demanded, also called the equilibrium price.
Detailed explanation-3: -Equilibrium is the state in which market supply and demand balance each other, and as a result prices become stable.
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