How is the economic concept of equilibrium determined?(1 point)

Question

Responses

the area in which a seller and buyer make economic transactions
the area in which a seller and buyer make economic transactions

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

the distance that a seller is willing to travel to acquire a particular good or service

Answer 1

The correct response is:

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 defines the equilibrium price and quantity in a market.