Which occurs during market equilibrium? check all that apply.
1. supply and demand meet at a specific price.
2. supply is slightly greater than demand.
3. supply and demand meet at a specific quantity.
4. supply and demand meet at a demand point.
5. supply and demand meet at a supply point.

Supply and demand meet at a specific price and supply and demand meet at a specific quantity.

Further Explanation:  

Market equilibrium is a condition where a market price is established through the competition so that the number of goods and services bought by buyers is equal to the amount of goods and services produced by sellers. This is called a competitive price and the quantity is called competitive quantity. There are three properties of Equilibrium: the behavior of the agent is consistent, no agent has the incentive to change the behavior. Equilibrium is the outcome of the dynamic process. The equilibrium price is the amount supplied to the equal amount demanded. The firms maximize profit at the market price.  Nash equilibrium is used in economics and is the main alternative to the competitive equilibrium. To find the price of equilibrium one must need to plot the supply and demand. In dynamic equilibrium, various quantities grow at the same rate.  In Dynamic Equilibrium physical capital stock grows at the same rate. The procedures of comparing two dynamic Equilibrium are known as comparative dynamics.

Learn more:

1. Why did direct democracy work for the ancient Greek city of Athens?

2. What is considered the most important power congress holds?

Answer Details:

Grade: High School

Subject: Social Science

Chapter: Market Equilibrium

Keywords: Competitive price, maximize, profit, market price, competitive equilibrium, competitive dynamics.

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