Question on: JAMB Economics - 2017
The equilibrium price clears the market; it is the price at which___________
A
Everything is sold
B
Buyers spend all their money
C
Excess demand is zero
D
None of the above
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Correct Option: C
Equilibrium price is the price where the demand for a product or a service is equal to the supply of the product or service. At equilibrium, both consumers and producers are satisfied, thereby keeping the price of the product or the service stable.
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