In a market, the price of any good adjusts until quantity demanded equals quantity supplied.

Name: In a market, the price of any good adjusts until quantity demanded equals quantity supplied.
Brand: Quizplus
Rating: 4.9 (33 reviews)

Question

Quizplus · Accepted Answer

This statement describes the basic principle of market equilibrium in economics, where the price of a good will adjust due to changes in supply and demand until the quantity demanded by consumers equals the quantity supplied by producers, resulting in an equilibrium price.

In a Market, the Price of Any Good Adjusts Until