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In a competitive market, the equilibrium price is the price at which the quantity demanded equals the quantity supplied. Given the following possible prices, which one represents the market equilibrium price?
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3. Supply and Demand
Overview of Supply and Demand Shifts
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In the context of market equilibrium, what is the term for the point at which the supply and demand curves intersect?
A
Surplus point
B
Equilibrium price and quantity
C
Shortage point
D
Marginal cost
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Understand that in microeconomics, the supply curve represents the relationship between price and quantity supplied, while the demand curve represents the relationship between price and quantity demanded.
Recognize that the point where these two curves intersect is significant because it indicates a price at which the quantity that producers are willing to supply equals the quantity that consumers are willing to buy.
This intersection point is called the market equilibrium, and it determines both the equilibrium price and the equilibrium quantity in the market.
At this equilibrium point, there is no tendency for the price to change because the market clears—meaning there is neither a surplus (excess supply) nor a shortage (excess demand).
Therefore, the term for the point where the supply and demand curves intersect is the 'equilibrium price and quantity.'
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