Which of the following is the correct way to describe equilibrium in a market?

Question

Quizplus · Accepted Answer

Equilibrium in a market is achieved when the quantity demanded is equal to the quantity supplied. This means that there is no excess demand or excess supply in the market, and the market is in a state of balance. Therefore, option B is the correct way to describe equilibrium in a market. Option A is also correct, but option B is more precise. Option C is incorrect, as market forces continue to operate even in a state of equilibrium. Option D is incorrect, as there is no objective measure of what the "fairest" price for output should be.

Which of the Following Is the Correct Way to Describe