what best describes equilibrium price?\nmaximum market price\nprice fluctuation\nstarting bid\nthe price…

what best describes equilibrium price?\nmaximum market price\nprice fluctuation\nstarting bid\nthe price where quantity demanded equals quantity supplied\n\nquestion 11\nwhat best describes equilibrium quantity?\ninitial supply\ntotal market demand\nsurplus amount\nthe quantity at which quantity demanded and quantity supplied are equal for a certain price level\n\nquestion 12\nwhat best describes excess demand?\nsufficient supply\ndemand deficit\nthe quantity demanded exceeds the quantity supplied; also called a shortage\nbalanced market

what best describes equilibrium price?\nmaximum market price\nprice fluctuation\nstarting bid\nthe price where quantity demanded equals quantity supplied\n\nquestion 11\nwhat best describes equilibrium quantity?\ninitial supply\ntotal market demand\nsurplus amount\nthe quantity at which quantity demanded and quantity supplied are equal for a certain price level\n\nquestion 12\nwhat best describes excess demand?\nsufficient supply\ndemand deficit\nthe quantity demanded exceeds the quantity supplied; also called a shortage\nbalanced market

Answer

Brief Explanations:

In economics, equilibrium price is the price point where quantity demanded equals quantity supplied. Equilibrium quantity is the quantity at that price - level where demand and supply are equal. Excess demand occurs when the quantity demanded is greater than the quantity supplied, also known as a shortage.

Answer:

  • What best describes 'equilibrium price'? the price where quantity demanded equals quantity supplied
  • What best describes 'equilibrium quantity'? the quantity at which quantity demanded and quantity supplied are equal for a certain price level
  • What best describes 'excess demand'? the quantity demanded exceeds the quantity supplied; also called a shortage