The price at which the quantity of a product willing to be purchased by customers and the quantity of product willing to be made by a producer are equal is known as
A) the break-even price.
B) the oligopoly price.
C) the balanced price.
D) the elastic price.
E) either the market price or the equilibrium price.

Question

Quizplus · Accepted Answer

The price at which the quantity of a product willing to be purchased by customers and the quantity of product willing to be made by a producer are equal is known as either the market price or the equilibrium price. This is because it represents the point of balance between supply and demand, where both the consumer and the producer are content with the price and quantity of the product. It is where the market clears, and therefore, it is the most efficient price for both parties.

The Price at Which the Quantity of a Product Willing