when are equilibrium prices achieved?
when supply is greater than demand
when prices go as high as possible
when demand is greater than supply
when supply equals demand
Equilibrium prices are achieved when supply equals demand. In other words, it is the point at which the quantity supplied by producers matches the quantity demanded by consumers in the market. At this point, there is no surplus or shortage of goods, and the market is in balance.
Equilibrium prices are achieved when supply equals demand. This occurs when the quantity of a product or service that producers are willing to supply matches the quantity that consumers are willing to demand at a given price. At this point, supply and demand are in balance, and there is no shortage or surplus.
Equilibrium prices are achieved when supply equals demand. This means that the quantity of goods or services supplied by producers matches the quantity demanded by consumers in a given market. At this point, the market is in a state of balance, and there is neither excess supply nor excess demand.
To determine the equilibrium price, one approach is to plot the supply and demand curves on a graph. The demand curve shows the quantity of a product or service that consumers are willing and able to buy at different price levels, while the supply curve represents the quantity that producers are willing and able to provide at various price levels.
The equilibrium price is the price where the supply and demand curves intersect. At this point, the quantity demanded by consumers is equal to the quantity supplied by producers. Any higher price will result in excess supply, leading to downward pressure on the price. Conversely, any lower price will create excess demand, which will cause the price to increase.
In summary, equilibrium prices are achieved when supply equals demand, and the equilibrium price can be determined by analyzing the intersection of the supply and demand curves.