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Which occurs during market equilibrium? Check all that apply.
- Supply and demand meet at a specific price.
- Supply is slightly greater than demand.
- Supply and demand meet at a specific quantity.
- Supply and demand meet at a demand point.
- Supply and demand meet at a supply point.
Answer:
Supply and demand meet at a specific quantity.
Supply and demand meet at a specific price.
Explanation
An equilibrium condition is reached when market demand and supply are in balance, resulting in stable prices. When there is an over-supply of items or services, price drops occur as a result of the over-supply, leading to greater demand. An undersupply or shortage, on the other hand, causes prices to rise as a result of less demand. Supply and demand are in equilibrium as a consequence of the balancing influence of supply and demand.
When the market supply and the market demand are equal, then a market equilibrium occurs. This then implies that supply and demand meet at a specific price and at a specific quantity at market equilibrium. Supply and demand meet at a specific price. Supply and demand meet at a specific quantity.
At market equilibrium, the supply and demand curves meet to determine a point at which quantity demanded equals quantity supplied. The equilibrium price is determined at this intersection, as well as the equilibrium amount of goods.
Supply and demand meet at a specific quantity.
Supply and demand meet at a specific price.
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