How is the equilibrium price of a product related to the equilibrium quantity, and how can these values be determined?.

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21-10-2022
Business

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How is the equilibrium price of a product related to the equilibrium quantity, and how can these values be determined?.

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shivanijain4931 shivanijain4931 · Answer 1 · 2022-10-24T11:51:54-04:00

The equilibrium price is the rate at which the quantity demanded equals the quantity provided. it's far determined by using the intersection of the demand and supply curves. A surplus exists if the amount of a great or carrier provided exceeds the quantity demanded at the modern charge; it reasons downward pressure on charge.

Demand is the quantity of a good that consumers are willing and capable of purchase at various expenses all through a given time. the connection among fee and amount call for is likewise referred to as the call for curve.

Demand curve, in economics, a photo illustration of the connection among product fee and the amount of the product demanded. it's far drawn with price at the vertical axis of the graph and amount demanded at the horizontal axis.

Learn more about demand here:https://brainly.com/question/1245771
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