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The equilibrium price of a good is a price that everyone is happy with a
The equilibrium price of a good is a price that everyone is happy with
a. true.
b. false.
Expert Solution
The correct answer to this question is a. true.
The equilibrium price is the price at which the quantity of goods supplied is equal to the quantity of the goods demanded. In other words, the price at which demand meets supply is known as the 'equilibrium price'. So, it can be said that the equilibrium price is the price at which everyone is happy. Since the total demand is met with the total supply there will no unfulfilled order nor there will be an undemanded stock. So, both the consumer and the supplier would be completely satisfied and happy at the equilibrium price of the good.
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