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.