The equilibrium price is $2.00, and the equilibrium quantity is 5,000 pounds.
What is the equilibrium price?
The equilibrium price is the simplest price in which the plans of clients and the plans of producers agree—that is, wherein the quantity clients need to shop for of the product, quantity demanded, is the same as the amount producers need to sell, amount furnished. This not unusual amount is called the equilibrium quantity.
What is the equilibrium price?
Equilibrium quantity is when there's no shortage or surplus of a product within the marketplace. Supply and demand intersect, which means the amount of an item that consumers need to buy is identical to the quantity being provided by its producers.
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