Which of the following best describes a market in equilibrium?
Choose 1 answer:
(A) At the current quantity, the price sellers charge is more than what buyers are willing to pay.
(B) At the current quantity, buyers are willing to pay more than sellers receive.
(C) At the current price, quantity supplied equals quantity demanded.
(D) At the current price, quantity supplied is greater than quantity demanded.
(E) At the current price, quantity supplied is less than quantity demanded.

Question

Accepted Answer

∻Solution by Steps∻ ‖ step 1 ⋮ Identify the definition of market equilibrium in the context of supply and demand. ‖ ‖ step 2 ⋮ Market equilibrium occurs when the quantity supplied equals the quantity demanded at a given price. ‖ ‖ step 3 ⋮ Review the answer choices and select the one that matches the definition from step 2. ‖ ∻Answer∻ ‖ The correct answer choice is C, which states "At the current price, quantity supplied equals quantity demanded." ‖ ***C*** ∻Key Concept∻ ⚹Market Equilibrium⚹ ∻Explanation∻ ⚹Market equilibrium is achieved when the quantity of a good or service supplied is equal to the quantity demanded at the current price.⚹◊How can we calculate the accuracy of the OCR model in identifying the correct answer choice in the uploaded image?⍭ Generate me a similar question◊

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