ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the point at which quantity supplied and demanded should remain no matter what happens in the market
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a point on the demand curve that shows the highest market price for a good
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a point on the supply curve that shows the greatest possible output
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a point that moves continually in response to market changes in quantity supplied and demanded
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Detailed explanation-1: -MARKETS: Equilibrium is achieved at the price at which quantities demanded and supplied are equal.
Detailed explanation-2: -The answer is D. Equilibrium refers to a state of the economy where there is no surplus or shortage in the market, in other words, quantity demanded is equal to quantity supplied.
Detailed explanation-3: -Which of the following is the correct way to describe equilibrium in a market? At equilibrium, quantity demanded equals quantity supplied.
Detailed explanation-4: -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.