The price for a product at which the quantity demanded and quantity supplied are equal is the market price supply/demand parity point cost-effective point equilibrium price The price for a product at which the quantity demanded and quantity supplied are equal is the O.market price O supply/demand parity point O cost-effective point O equilibrium price
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Step 1: The price for a product at which the quantity demanded and quantity supplied are equal is known as the equilibrium price. Show more…
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In economics, the point at which the supply equals the demand is the equilibrium price. If the supply of a product is greater than the demand, there is a surplus and prices fall. If the supply is less than the demand, there is a shortage and prices rise. At what quantity will the prices stabilize? What is the equilibrium price for this product?
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