Equilibrium in the market occurs when

Question

BlackTom AI · Accepted Answer

First, let's identify the core concept: market equilibrium occurs where the quantity demanded equals the quantity supplied, meaning the market clears with no inherent pressure for price to change, assuming other factors are held constant.
Option 1: 'The quantity demanded exceeds the quantity supplied.' This situation describes excess demand or a shortage, not equilibrium. When demand exceeds supply, prices typically rise to curb demand and inspire more supply until equilibrium is restored.
Option 2: 'The quantity supplied exceeds the quantity demanded.' This depicts excess supply or a surplus, not equilibrium. In a surplus, prices tend to fall, encouraging more demand and/or less production until the market returns to balance.
Option 3: 'Quantity demanded equals quantity supplied.' This matches the hallmark of equilibrium, where the market clears and there is no inherent pressure for price movement, assuming other conditions are unchanged.
Option 4: 'There is no demand for the product.' A complete lack of demand would prevent an established equilibrium in a typical competitive market; it would imply zero traded quantity and does not describe a functioning equilibrium state.

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