Question

if equilibrium is present in a market:
a. there is either a shortage or a surplus.
b. the quantity demanded exceeds quantity supplied.
c. the quantity supplied exceeds quantity demanded.
d. the quantity demanded equals quantity supplied.

Explanation:

Market equilibrium is defined as the state where the quantity of a good that consumers want to buy (quantity demanded) matches the quantity that producers want to sell (quantity supplied). Options a, b, and c describe situations of disequilibrium (surplus or shortage).

Answer:

d. the quantity demanded equals quantity supplied.