Choose the best description of an "equilibrium price."

Question

Quizplus · Accepted Answer

An equilibrium price is the price point where the quantity demanded by consumers is equal to the quantity supplied by producers. This is the point where the market is in balance, where there is no shortage or surplus of the commodity. The equilibrium price is determined by the interaction of supply and demand forces in the market, and it can move up or down depending on changes in either of these forces.

Choose the Best Description of an "Equilibrium Price