The point at which buyers and sellers "agree" on the quantity of a good they are willing to exchange at a given price is called:
A) equilibrium.
B) optimization.
C) maximization.
D) market collapse.

Question

Quizplus · Accepted Answer

The point at which buyers and sellers agree is called equilibrium, where the quantity demanded equals the quantity supplied at a given price. Option B and C refer to the actions taken by individuals to maximize their utility or profit, respectively, but do not necessarily lead to a market agreement. Option D is not a valid term in the context of economics.

The Point at Which Buyers and Sellers "Agree" on the Quantity