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WAEC Economics 1993 Question 27

Question 27

Price Determination

A market equilibrium exists when

  1. A.demand and supply are equal
  2. B.the market is large
  3. C.the price is fluctuating
  4. D.no buyer goes home empty-handed
  5. E.no seller has an unsold stock.
Show the answer and explanation

Answer: A (demand and supply are equal)

Explanation

Equilibrium is where quantity demanded equals quantity supplied.