The economic concept of equilibrium is determined by the intersection of the lowest price that a buyer is willing to pay and the seller is willing to sell a particular good or service. This point is where supply meets demand, resulting in a stable market condition where there is no excess supply or demand.
How is the economic concept of equilibrium determined?(1 point)
Responses
the area in which a seller and buyer make economic transactions
the area in which a seller and buyer make economic transactions
the distance that a seller is willing to travel to acquire a particular good or service
the distance that a seller is willing to travel to acquire a particular good or service
the level of population that is required for a business to be successful
the level of population that is required for a business to be successful
the intersection of the lowest price that a buyer is willing to pay and the seller is willing to sell a particular good or service
the intersection of the lowest price that a buyer is willing to pay and the seller is willing to sell a particular good or service
1 answer
1 answer