JAMB - Economics (1982 - No. 17)
The equilibrium market price is determined at a point where?
consumers can buy all they desire
sellers can dispose of all their wares
the price is moderate
quantity consumers desires equal quantity sellers offer
sellers and buyers are not quarrelling
Forklaring
The equilibrium market price is reached at a point where, the market price at which the quantity demanded and the quantity supplied of a good are equal to one another.