Choose the best description of an "equilibrium price."

Name: Choose the best description of an "equilibrium price."
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Question

Quizplus · Accepted Answer

An equilibrium price is the price at which the quantity demanded is equal to the quantity supplied, meaning that there is no surplus or shortage in the market. This is the point where buyers and sellers meet and agree on a price that will clear the market. Choices A, C, D, and E are not as accurate since they do not capture the essence of both supply and demand factors being balanced.

Choose the Best Description of an "Equilibrium Price