What is another term for equilibrium price?

Question

Quizplus · Accepted Answer

Equilibrium price is the price at which quantity demanded equals quantity supplied, resulting in no excess demand or excess supply in the market. Market-clearing price is another term for equilibrium price because it is the price that clears the market of all goods, leaving no excess supply or demand. Choice A, balancing price, is not commonly used to refer to equilibrium price. Choice C, constant price, suggests that the price does not change, which is not always the case with equilibrium price. Choice D, reservation price, refers to the maximum price that consumers are willing to pay for a product, which is not the same as the equilibrium price.

What Is Another Term for Equilibrium Price