Question

myCampus Securex0 Unt 11 Chapter 3 G Market eglbrim C Search Texthook So C 40 51 01 Quntity Mail Linday Bel XC G how https//eleam.southwest.tn.eda/d2le/content/7831331/viewContent/57017224View Question 3 Market equilibrium is defined as the point where (Select all that apply Select all that apply: supply and demand cross quantity supplied is greater than quantity demanded where consumers want to purchase more from producers than is available quantity supplied equals quantity demanded Content attribution O Trpe hene to search eic 4 7

Answer 1

Options 1 and 4

Market equilibrium means market is cleared. It is a point where quantity demanded equals quantity supplied at a given price. This means there is neither excess demand nor excess supply in the market. Whatever supplied by the suppliers is demanded by the consumers.

Option 1: Supply and Demand cross

Supply is a relationship between price a d quantity supplied.

Demand is a relationship between price and quantity demanded.

So when supply and demand cross each other, quantity demanded equals quantity supplied at a given price.

So option 1 is a case of market equilibrium.

Option 4: Quantity supplied equals quantity demanded

This is straightforward. Quantity supplied and quantity demanded are equal. Therefore, it's a market equilibrium.

Hence options 1 and 4 are correct.