When are equilibrium prices achieved? (1 point) Responses when demand is greater than supply when demand is greater than supply when sellers break even when sellers break even when supply equals demand when supply equals demand when supply is greater than demand
when supply equals demand
Equilibrium prices are achieved when supply equals demand.
Equilibrium prices are achieved when supply equals demand. This means that the quantity of goods or services that suppliers are willing to provide matches the quantity that consumers are willing to purchase.
To determine when equilibrium prices are achieved, you can analyze the market by comparing the supply and demand curves. The supply curve represents the relationship between the quantity of a good or service that suppliers are willing to offer and the price at which they are willing to sell it. The demand curve represents the relationship between the quantity of a good or service that consumers are willing to buy and the price they are willing to pay.
When the supply curve intersects with the demand curve, it indicates the point of equilibrium. At this point, the quantity of goods or services supplied matches the quantity demanded, and the resulting price is the equilibrium price. This is the price at which the market clears, meaning there is neither excess supply nor excess demand.
Therefore, equilibrium prices are achieved when supply equals demand in a market.