Question

when has the market for slices of pizza reached equilibrium?
a. when the supply of slices of pizza equals the demand
b. when the price per slice of pizza increases the demand
c. when the supply of slices of pizza exceeds the demand
d. when the demand for slices of pizza exceeds the supply

Explanation:

Market equilibrium in economics occurs when the quantity of a good supplied matches the quantity demanded, resulting in no inherent pressure for price or quantity to change. Option B is incorrect because a price increase typically decreases demand (law of demand). Options C and D describe surplus and shortage conditions, respectively, which are not equilibrium states.

Answer:

A. when the supply of slices of pizza equals the demand