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A market is in equilibrium when?

Economics
WAEC 2018

A market is in equilibrium when?

  • A. there is no government intervention
  • B. the demand is the same as the supply
  • C. buyers and sellers are free to sell more goods
  • D. there is no free entry and exit
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Correct Answer: Option B
Explanation

Market equilibrium is a market state where the supply in the market is equal to the demand in the market. Theequilibrium price is the price of a good or service when the supply of it is equal to the demand for it in themarket.

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