Equilibrium price is the prevailing market price at which consumers can buy an item.

Name: Equilibrium price is the prevailing market price at which consumers can buy an item.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Equilibrium price is defined as the price at which the quantity demanded of a product equals the quantity supplied, resulting in no surplus or shortage in the market. This is the prevailing market price at which consumers can buy an item. Therefore, it is true that equilibrium price is the prevailing market price.

Equilibrium Price Is the Prevailing Market Price at Which Consumers