The equilibrium price of the input in a competitive market comes at that level where the quantities supplied and demanded are equal.

Name: The equilibrium price of the input in a competitive market comes at that level where the quantities supplied and demanded are equal.
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Quizplus · Accepted Answer

This is the definition of equilibrium in a competitive market. When the quantity supplied and quantity demanded are equal, there is no excess supply or demand, and the market is in equilibrium.

The Equilibrium Price of the Input in a Competitive Market