equilibrium price and equilibrium quantity?:
equilibrium price:
When the price is above the equilibrium point there is a surplus of supply
The market price at which the supply of an item equals...
the demand for and supply of goods and services can be plotted on graphs using different prices. The supply and demand for a good or service intersect on the graph at what is called the equilibrium...
The importance of equilibrium price and quantity is that it creates a point where there is no pressure on the market to shift supply or demand. Suppliers supply exactly the quantity demanded.