The "equilibrium point" is where:
A) the quantity and price sellers are willing to offer equal the quantity and price that buyers are willing to accept.
B) the quantity demanded equals its cost.
C) the market price is at its minimum.
D) the elasticity of demand equals the elasticity of supply.
E) the market price is at its maximum.

Question

Quizplus · Accepted Answer

An equilibrium point is where the quantity demanded by buyers is equal to the quantity supplied by sellers, resulting in no excess demand or supply, and therefore, no change in price. This means that the price and quantity at which buyers are willing to buy equals the price and quantity at which sellers are willing to sell, leading to a balance in the market.

The "Equilibrium Point" Is Where