Question

I’m economics equilibrium price is a situation in which

Answer 1

In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.

Answer 2

The correct answer is B: "There is neither shortage nor surplus of goods".

The equilibrium price represents the price level at which the desires of producers and consumers meet in the market of a certain product or service. Therefore, the amount supplied and demanded are equal and the market clears. At the equilibrium point, there is neither shortage (excess of demand) nor surplus (excess of supply) of goods.