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Economics miscellaneous

  1. Equilibrium price is the price when :
    1. supply is greater than demand
    2. supply is less than demand
    3. demand is very high
    4. supply is equal to demand
Correct Option: D

The equilibrium price is the price where the goods and services supplied by the producer equals the goods and services demanded by the customer(s). How the equilibrium price is achieved is through the 'Invisible Hand', or market forces of the economy.



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