Equilibrium is the condition that exists

Question

Quizplus · Accepted Answer

Equilibrium is achieved when the quantity demanded by consumers is equal to the quantity supplied by producers. This means that the market is in a state of balance, with no surplus or shortage of goods. The demand curve and supply curve intersect at this point, which determines the market price for the good or service. The other choices may be relevant to the market, but they do not describe the condition of equilibrium.

Equilibrium Is the Condition That Exists