WAEC - Economics (2018 - No. 15)
A market is in equilibrium when?
there is no government intervention
the demand is the same as the supply
buyers and sellers are free to sell more goods
there is no free entry and exit
Spiegazione
Market equilibrium is a market state where the supply in the market is equal to the demand in the market. Theequilibrium price is the price of a good or service when the supply of it is equal to the demand for it in themarket.