Why do businesses seek an equilibrium price?
1. It’s ensures that competitors offer lower prices.
2. It attracts the largest possible number of customers
3. It provides the highest possible prices that consumers can will pay for each product
4. It prevents shortages and surpluses by producing the night number of goods of the right price
5. It helps businesses maximize profits by finding the optimal balance between supply and demand
6. It helps businesses make informed decisions about production levels and pricing strategies
7. It allows businesses to remain competitive in the market by adjusting prices based on market conditions
8. It helps businesses maintain a stable and sustainable market environment
9. It allows businesses to forecast future demand and plan accordingly
10. It helps businesses build and maintain customer loyalty by offering fair and competitive prices.