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Describe Demand, Supply, and equilibrium in at least 3 sentences .

Describe Demand, Supply, and equilibrium in at least 3 sentences .
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Answer #1

DEMAND

Demand refers to the quantity of a commodity that consumers are willing and able to purchase at the given price.

SUPPLY

Supply refers to the quantity of a commodity that producers are willing and able to bring to the market at the given price.

EQUILIBRIUM

Equilibrium refers to the condition in which supply of a commodity in the market equals the demand for the commodity in the market.

The price attained at equilibrium is referred to as equilibrium price while quantity attained at equilibrium is referred to as equilibrium quantity.

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