The equilibrium point represents the only price-quantity combination in a market that:

Question

Quizplus · Accepted Answer

The equilibrium point is where the quantity demanded by buyers equals the quantity supplied by sellers, which means that the market has reached a point where there is no excess supply or demand. This point is the only price-quantity combination at which buyers and sellers will agree because it exactly matches the independent plans of both buyers and sellers. Therefore, option C is the correct choice. Options A, B, D, and E are incorrect because they do not accurately describe the concept of equilibrium in a market.

The Equilibrium Point Represents the Only Price-Quantity Combination in a Market