Question

what is equilibrium price​

Answer 1

Explanation:

In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the values of economic variables will not change.

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Answer 2

Equilibrium means a state of no change.

Evidently, at the equilibrium price, both buyers and sellers are in a state of no change.

Technically, at this price, the quantity demanded by the buyers is equal to the quantity supplied by the sellers.

Both market forces of demand and supply operate in harmony at the equilibrium price.

Graphically, this is represented by the intersection of the demand and supply curve.

Further, it is also known as the market clearing price. The determination of the market price is the central theme of microeconomics.

That is why the microeconomic theory is also known as price theory.

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