ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Market equilibrium occurs when Qs (quantity supplied) and Qd (quantity demanded) are equal. This means the market does not have a shortage or surplus.

Detailed explanation-2: -Equilibrium occurs at the point where quantity supplied = quantity demanded.

Detailed explanation-3: -At this price level, market is in equilibrium. Quantity supplied is equal to quantity demanded ( Qs = Qd).

Detailed explanation-4: -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.

Detailed explanation-5: -Equilibrium quantity refers to the quantity of a good supplied in the marketplace when the quantity supplied by sellers exactly matches the quantity demanded by buyers. It is a concept within the subject area of market balance or market equilibrium and is related to the concept of equilibrium price.