Economics
JAMB 2017
The equilibrium price clears the market; it is the price at which___________
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A.
Everything is sold
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B.
Buyers spend all their money
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C.
Excess demand is zero
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D.
None of the above
Correct Answer: Option C
Explanation
Equilibrium price is the price where the demand for a product or a service is equal to the supply of the product or service. At equilibrium, both consumers and producers are satisfied, thereby keeping the price of the product or the service stable.
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