JAMB - Economics (2017 - No. 33)

The equilibrium price clears the market; it is the price at which___________
Everything is sold
Buyers spend all their money
Excess demand is zero
None of the above

Explanation

Equilibrium price is the price where the demand for a product or a service is equal to the supply of the product or service. At equilibrium, both consumers and producers are satisfied, thereby keeping the price of the product or the service stable.

Comments (0)

Advertisement