Figure 3-4
-In Figure 3-4,at which price is there neither excess demand nor excess supply?

Name: Figure 3-4 -In Figure 3-4,at which price is there neither excess demand nor excess supply?
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Question

Figure 3-4 
-In Figure 3-4,at which price is there neither excess demand nor excess supply?

Quizplus · Accepted Answer

At price P₂, the quantity demanded and quantity supplied are equal, meaning there is neither excess demand nor excess supply in the market. This is known as the equilibrium price.

Figure 3-4 -In Figure 3-4,at Which Price Is There Neither Excess Demand