ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -At the equilibrium price, there is no shortage or surplus: The quantity of the good that buyers are willing to buy equals the quantity that sellers are willing to sell. Buyers can buy the quantity they want to buy at the market price, and sellers can sell the quantity they want to sell at the market price.

Detailed explanation-2: -Equilibrium: the quantity people are willing to buy equals the quantity people are willing to sell at each price. Excess Demand: the quantity demanded is greater than the quantity supplied at the given price. This is also called a shortage.

Detailed explanation-3: -Demand is just how many of an item a consumer is willing to buy-the sheer quantity. Quantity demanded is how many things a consumer will purchase at a specific price. Quantity demanded is a more detailed metric. 1 Graphed out, demand is the entirety of the demand curve, whereas quantity demanded is a single point.

Detailed explanation-4: -Demand-a schedule or a curve showing the various amounts of a product consumers are willing and able to buy at each of a series of possible prices during a specified period of time. Quantity Demanded-the amount of a good that consumers choose to buy at a particular price.

Detailed explanation-5: -Market equilibrium refers to a situation where quantity demanded and quality supplied of a good are equal. In other words, market equilibrium is a situation of zero excess demand and zero excess supply.