The equilibrium price is a point at which buyers' demand for a product and sellers' supply of it are in balance.

Name: The equilibrium price is a point at which buyers' demand for a product and sellers' supply of it are in balance.
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Question

Quizplus · Accepted Answer

The equilibrium price is indeed the price at which the quantity of a product demanded by consumers equals the quantity supplied by producers, indicating a balance between demand and supply.

The Equilibrium Price Is a Point at Which Buyers' Demand