BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -In equilibrium the quantity of a good supplied by producers equals the quantity demanded by consumers.

Detailed explanation-2: -The equilibrium price is the only price where the plans of consumers and the plans of producers agree-that is, where the amount consumers want to buy of the product, quantity demanded, is equal to the amount producers want to sell, quantity supplied. This common quantity is called the equilibrium quantity.

Detailed explanation-3: -Market Equilibrium: Where Supply Meets Demand Equilibrium is the point where demand for a product equals the quantity supplied. This means that there’s no surplus and no shortage of goods. A shortage occurs when demand exceeds supply – in other words, when the price is too low.

Detailed explanation-4: -What Is Disequilibrium? Disequilibrium is a situation where internal and/or external forces prevent market equilibrium from being reached or cause the market to fall out of balance. This can be a short-term byproduct of a change in variable factors or a result of long-term structural imbalances.

Detailed explanation-5: -consumer surplus, also called social surplus and consumer’s surplus, in economics, the difference between the price a consumer pays for an item and the price he would be willing to pay rather than do without it.