Question

Equilibrium is defined when supply is limited and demand decreases. supply and demand meet. demand is higher than supply. supply is higher than demand.

Answer 1

The correct option is answer B. Equilibrium is defined when supply and demand meet. This means that equilibrium is a point at which the quantity that is being demanded is equal to the quantity that is being supplied. A shortage or excess occurs when demands are higher or demands are lower respectively with respect to the supplies.

Answer 2

Equilibrium is defined when: supply and demand meet.

What is Equilibrium?

Equilibrium can simply be defined as the equilibrium point where both supply and demand meet.

When the number of goods a producer supplied to the market equal the products consumers or buyer demand in the market this means that supply and demand meet.

Based on this their will be no excess because the quantity supplied to the market is the quantity that consumer demanded in the market.

Inconclusion Equilibrium is defined when: supply and demand meet.

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