The point at which the quantity of a product or service demanded is the same as the quantity supplied is called
A) the surplus point.
B) the equilibrium point.
C) the supply point.
D) the profit point.
E) the demand point.

Question

Quizplus · Accepted Answer

The equilibrium point is also referred to as the market-clearing point, where the price of a product or service is stable because the quantity demanded by consumers equals the quantity supplied by producers. At this point, there are no shortages or surpluses, and the market is said to be in a state of balance.

The Point at Which the Quantity of a Product or Service