At the equilibrium price,

Source: JAMB · 2024

At the equilibrium price,

  1. demand is greater than supply
  2. demand equates supply ✓
  3. demand is less than supply
  4. price is equal to demand only
Explanation

Equilibrium price is where demand equals supply. Buyers want exactly what sellers are offering at that price.

No shortage or surplus exists at equilibrium. The market clears completely at this price.

Equilibrium is the balance point where buyers and sellers agree on quantity and price.

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