When the price of a product is set at a level where demand and supply are the same,a state of _____ has been achieved.
A)price equilibrium
B)stability
C)inelastic demand
D)symmetry

Question

When the price of a product is set at a level where demand and supply are the same,a state of _____ has been achieved.​
A)price equilibrium
B)​stability
C)​inelastic demand
D)symmetry

Quizplus · Accepted Answer

Price equilibrium is the point where the quantity supplied equals the quantity demanded, resulting in a stable price level. This is also known as the market-clearing price, where there are no shortages or excesses in the market. Therefore, option A is the correct choice. The other options (B, C, and D) are not relevant in this context.

When the Price of a Product Is Set at a Level