86
QuizMultiple Choice

Unit 2 Test

Question 86 • (OC27) Economics-2102310-Sem-Meadows

Equilibrium is defined when

Answer
A
supply is limited and demand decreases.
B
supply and demand meet.
C
demand is higher than supply.
D
supply is higher than demand.

Explanation

Equilibrium occurs at the price and quantity where the amount buyers want to purchase equals the amount sellers want to provide. In other words, supply and demand meet, so the correct choice is “supply and demand meet.”

AI-written and checked against the verified answer.

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