Determination of Equilibrium Level | Market Equilibrium | Class 11 Microeconomics | Ecoholics

Описание: In this video, one can find the topic related to the Determination of Equilibrium Level.

What is Market Equilibrium?
A market is in equilibrium if, at the market price, the quantity demanded is equal to the quantity supplied. The price at which the quantity demanded is equal to the quantity supplied is called the equilibrium price or market clearing price and the corresponding quantity is the equilibrium quantity.

In a market, sellers who provide goods or services connect with buyers, who are interested in purchasing the good but do not already have it. At each price, the sellers choose how many units they want to supply or offer at that price, and the buyers choose how many units they want to purchase or demand. The more of a good is supplied, the higher its market price will be, but the less of a commodity is wanted, the higher its market price will be. The market is in equilibrium when these two amounts are equal, or when the quantity demanded and the quantity supplied are equal in value.

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