what is the equilibrium price and quantity of a good or service
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what is the equilibrium price and quantity of a good or service
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Answer:
The equilibrium price is the only price where the plans of consumers and the plans of producers agree—that is, where the amount consumers want to buy of the product, quantity demanded, is equal to the amount producers want to sell, quantity supplied. This common quantity is called the equilibrium quantity.
Answer:
it is the price which quantities demanded equals on quantity supplied.it is determined by intersection of demand and supply curves.