At the market-equilibrium price point,
A) price is established by a government agency.
B) the quantity demanded equals the supply provided.
C) there is a shortage of supply.
D) there is an excess of demand.

Question

Quizplus · Accepted Answer

At the market-equilibrium price point, the quantity demanded by consumers equals the quantity supplied by producers, meaning there is no excess supply or demand, and prices are determined by the market, not a government agency.

At the Market-Equilibrium Price Point