EQUILIBRIUM OF MARKET

In economic market is defined as

• a place where we meet our old friend

• a place where seller sold many fish ,vegetables and fruit

• a place whereby both buyers and sellers interact to determine the equilibrium price and quantity of goods and services exchanged

• a place whereby all sellers compete each other to set the market price

market equilibrium is defined as

• quantity demand is more than quantity supplied

• quantity supply is less than quanitty demand

• price is increases

• quantity demanded equals to quantity of supplied

if the price above the equilibirum price there would be the problem of

• shortage

• surplus

• equilibirum price

• equilibrium quantity

at the price $25 ,how much is the quantity that is excess supply

• 10 unit

• 20 unit

• 25 unit

• 30 unit

what the equilibrium price and quantity

• p= 20 q=20

• p=20 q=25

• p=25 q =25

• p=20 q30