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WAEC Economics 2005 Question 17

Question 17

Price Determination

At the equilibrium price, quantity demanded is

  1. A.greater than quantity supplied
  2. B.equal to quantity supplied
  3. C.less than quantity supplied
  4. D.equal to excess supply.
Show the answer and explanation

Answer: B (equal to quantity supplied)

Explanation

Equilibrium is where quantity demanded equals quantity supplied.