Market equilibrium i. can never occur because there are always people who want a good but cannot afford it.
Ii) occurs at the intersection of the supply and demand curves.
Iii) is the point where the price equals the quantity.

Question

Quizplus · Accepted Answer

Market equilibrium occurs at the intersection of the supply and demand curves, where the quantity supplied equals the quantity demanded at a certain price. This does not necessarily mean the price equals the quantity, nor does it imply that market equilibrium cannot occur due to affordability issues.

Market Equilibrium I