Question

the equilibrium price is determined at the point where both demand and supply of the goods are_____​

Answer 1

Answer:

How do the forces of demand and supply determine the equilibrium price?

The equilibrium price is the price at which the quantity demanded equals the quantity supplied. It is determined by the intersection of the demand and supply curves. A surplus exists if the quantity of a good or service supplied exceeds the quantity demanded at the current price; it causes downward pressure on price.