The market will be in equilibrium if the aspirin price is set at $2.50 and a $3.00 price ceiling is established.
When supply and demand are equal or nearly equal, the cost to the customer of an item or service at the market-clearing price, sometimes referred to as the equilibrium price, happens. The consumer is free to access as many units as they like, and the manufacturer or vendor is allowed to transfer as many units as they wish.
The equilibrium price and quantity are located at the point where the demand and supply curves intersect. A state of equilibrium is obtained when the quantity required and supplied is equal. If the price is below the equilibrium level, the quantity demanded will be more than the quantity supplied.
Equilibrium is essential for a market to be both efficient and balanced. A market cannot stray from its equilibrium price and quantity since it is maintaining equilibrium between the quantities requested and supplied.
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