Question

Find the equilibrium price and quantity for the market wherein QS=-20+3P/QD=220-5P

Answer 1

In this lesson, we investigate how prices reach equilibrium and how the market works like an invisible hand coordinating economic activity. At equilibrium, the price is stable and gains from trade are maximized. When the price is not at equilibrium, a shortage or a surplus occurs. The equilibrium price is the result of competition amongst buyers and sellers

Answer 2

Equilibrium is a point that everything is balance in simple we can say the mid point,the influencing actions cancel each other.When something is at equilibrium it means its in its stable state like when we say price equilibrium it means the point at which the price  of a commodity is stable.The solution to this question is provided below presented wit a picture attached.