Equilibrium in a market results when the market produces an output at which the price consumers are willing to pay exactly equals the price producers are willing to accept.

Name: Equilibrium in a market results when the market produces an output at which the price consumers are willing to pay exactly equals the price producers are willing to accept.
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Question

Quizplus · Accepted Answer

This is the definition of equilibrium in a market, where supply and demand curves intersect, and there is no excess supply or demand.

Equilibrium in a Market Results When the Market Produces an Output