A market will be at equilibrium when
ECONOMICS
JAMB 2015
A market will be at equilibrium when
- A. demand and supply are equal
- B. demand is greater than supply
- C. price is higher
- D. supply is greater than demand
Correct Answer: A. demand and supply are equal
Explanation
if demand and supply are equal, it brings the market to the point of equilibrium because equilibrium price is the price where quantity demanded and quantity supplied are equal.
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