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Q: _____ is the price where the quantity the consumer purchases is equal to the quantity the producers supply.
  • A. Surplus price
  • B. Equilibrium price
  • C. Total price
  • D. Product price
Correct Answer: Option B - Equilibrium price is the price where the quantity the consumer purchases is equal to the quantity the producers supply. Equilibrium price also known as a market-clearing price, is the consumer cost assigned to some product or service such that supply and demand are equal or close to equal. It is a balance of demand and supply factors.
B. Equilibrium price is the price where the quantity the consumer purchases is equal to the quantity the producers supply. Equilibrium price also known as a market-clearing price, is the consumer cost assigned to some product or service such that supply and demand are equal or close to equal. It is a balance of demand and supply factors.

Explanations:

Equilibrium price is the price where the quantity the consumer purchases is equal to the quantity the producers supply. Equilibrium price also known as a market-clearing price, is the consumer cost assigned to some product or service such that supply and demand are equal or close to equal. It is a balance of demand and supply factors.