ECONOMICS
DEMAND
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
the point at which quantity supplied and quantity demanded are the same and a price point is set
|
|
|
the point at which unsold goods begin to pile up
|
|
|
the point at which suppliers begin to sell supplies
|
|
|
None of the above
|
Detailed explanation-1: -the price in a market at which the quantity demanded and the quantity supplied of a good are equal to one another; this is also called the “market clearing price.”
Detailed explanation-2: -When you combine the supply and demand curves, there is a point where they intersect; this point is called the market equilibrium. The price at this intersection is the equilibrium price, and the quantity is the equilibrium quantity.
Detailed explanation-3: -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-4: -At equilibrium, the quantity demanded is equal to the quantity supplied, meaning the demand is equal to supply at equilibrium.
Detailed explanation-5: -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.