This test does not allow backtracking. Changes to the answer after submission ar

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This test does not allow backtracking. Changes to the answer after submission are prohibited Question Completion Status: Moving to the next question prevents changes to this answer. Question 2 Which of the following statements best describes equilibrium in a market? Oa. At equilibrium, quantity demanded equals quantity supplied. Ob. Equilibrium is a tendency for price to change, a state of perpetual motion. Oc. At equilibrium, market forces NO longer apply. O d. At equilibrium, there will always be a surplus for consumers to purchase Moving to the next question prevents changes to this answer. MacBook Air

Explanation / Answer

Ans) 'a' is the correct option. At equilibrium quantity demanded equals quantity supplied. The demand curve intersects the supply curve at a point which is known as equilibrium, at this point the quantity demanded by consumers is equal to quantity supplied by producers.

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