Question : Equilibrium price is the price when :
Option 1: Supply is greater than demand .
Option 2: Supply is less than demand .
Option 3: Demand is very high .
Option 4: Supply is equal to demand.
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Correct Answer: Supply is equal to demand.
Solution : The correct option is supply is equal to demand.
The equilibrium price is the point at which the quantity of a good or service that producers are ready to sell equals the quantity that consumers are eager to purchase. This is where the supply and demand curves meet on a graph, signifying a state of market balance. At this price, there is neither a surplus of supply nor an excess of demand, resulting in a stable market condition.
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