In Economics, the equilibrium price is: B. the price at which supply equals demand.
In Economics, there are primarily two (2) fundamental factors that affect the availability and the price at which various goods and services are sold or provided and these are:
- Demand: it is the total quantity of goods or services that consumers are willing and able to purchase at a given price.
- Supply: it is the total quantity of goods or services that are available to consumers at a specific period of time.
An equilibrium price can be defined as the price at which supply equals demand for goods and services. Thus, equilibrium price occurs when supply is equal to demand for goods and services.
In conclusion, an equilibrium price is also referred to as market-clearing price.
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