If a market is in equilibrium, then

Question

Group of answer choices

at the equilibrium price, quantity demanded is equal to quantity supplied

the short-run quantities of supply and demand equal the long-run quantities of supply and demand

the short-run equilibrium price equals the long-run equilibrium price

demand curves and supply curves are the same

Answer 1

The correct answer is:

at the equilibrium price, quantity demanded is equal to quantity supplied.

In market equilibrium, the amount of goods and services that consumers are willing to purchase (quantity demanded) matches the amount that producers are willing to sell (quantity supplied) at a specific price level. This is the fundamental condition for market equilibrium.