Which of the following is the correct way to describe equilibrium in a market? (a) At equilibrium, quantity demanded equals quantity supplied

Answer: (d) At equilibrium, demand equals supply.

Market equilibrium occurs when the demand curve and the supply curve meets at a certain point. Here, the market is said to be efficient because what the producers supplied is the same as to what the consumers demanded. In other words, the price and the quantity that the producers are willing to sell is the same as the price and the quantity the consumers are willing to buy. The market will not experience any shortage or surplus on the output made.