What is the term that describes the quantity at which there is no surplus or shortage?

Marketing Jan 12, 2021

Expert Solution

Answer: Equilibrium quantity

Equilibrium quantity can be described as a situation where there is no surplus or shortage in the market as regards the quantity demanded. Equilibrium refers to the point at which the supply and demand curves make an intersection. At this point, the quantity that consumers are able to purchase is equal to the quantity that suppliers are able to supply in the market. At the equilibrium, the prices suit the consumer and the suppliers.

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