ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The point at which supply and demand are the same
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equilibrium
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law of demand
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law of supply
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business cycle
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Explanation:
Detailed explanation-1: -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-2: -If there is an increase in supply for goods and services while demand remains the same, prices tend to fall to a lower equilibrium price and a higher equilibrium quantity of goods and services.
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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