Which of the following best characterizes market equilibrium?

Question

Quizplus · Accepted Answer

Market equilibrium is achieved when the market price of a good or service is such that the quantity demanded by consumers is equal to the quantity supplied by producers. This means that there is no shortage or surplus of the good or service, and both consumers and producers are satisfied with the current market conditions. At this point, there is no incentive for either group to change their behavior, as any such change would disrupt the market equilibrium. Therefore, option C is the most appropriate answer.

Which of the Following Best Characterizes Market Equilibrium