In the market for Smartwatches, equilibrium would exist when:

Question

BlackTom AI · Accepted Answer

Market equilibrium in a competitive market is the point where quantity demanded equals quantity supplied — that is the core concept underlying this question.

1. Relevant knowledge points and concepts
- Demand: amount consumers want at each price; Supply: amount producers offer at each price.  
- Equilibrium: price and quantity where demand and supply intersect.  
- Shortage (excess demand) occurs when price is below equilibrium, causing upward pressure on price.  
- Surplus (excess supply) occurs when price is above equilibrium, causing downward pressure on price.  
- If quantity demanded equals quantity supplied, there is no tendency for price to change.

2. Step-by-step reasoning
- Consider the market price. If at that price quantity demanded > quantity supplied, buyers compete, pushing price up (shortage). If quantity supplied > quantity demanded, sellers lower price to clear inventories (surplus).  
- Only when the two quantities are equal is there no unbalanced pressure on price. That state is equilibrium.

3. Calculations / intermediate steps
- No numerical calculation is required: equilibrium condition is a qualitative equality Qd = Qs. If Qd - Qs = 0, market is in equilibrium; nonzero difference indicates shortage (positive) or surplus (negative).

4. Why the correct answer is correct
- Option b directly states the definition of market equilibrium: quantity demanded equals quantity supplied. At this point prices are stable (absent shocks) because there is no excess demand or supply to drive price changes.

5. Why the other options are incorrect
- a. “There is pressure on the price to increase” describes a shortage, not equilibrium.  
- c. “Tendency for the market price to rise or fall” implies instability—again not equilibrium.  
- d. “There is a shortage or surplus” is the opposite of equilibrium; shortages/surpluses cause price adjustments.

6. Conclusion
- Therefore the correct choice is b. the quantity demanded of Smartwatches equals the quantity supplied, which matches the provided answer.

In the market for Smartwatches, equilibrium would exist when:单项选择题

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