A market is in equilibrium when?
ECONOMICS
WAEC 2018
A market is in equilibrium when?
- A. there is no government intervention
- B. the demand is the same as the supply
- C. buyers and sellers are free to sell more goods
- D. there is no free entry and exit
Correct Answer: B. the demand is the same as the supply
Explanation
Market equilibrium is a market state where the supply in the market is equal to the demand in the market. The equilibrium price is the price of a good or service when the supply of it is equal to the demand for it in the market
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