Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
Related questions
Question
Transcribed Image Text:When quantity supplied equals quantity demanded the
market is in
O shortage
equilibrium
O surplus
Expert Solution
Step 1: Introduction
A market equilibrium occurs when the quantity of a good or service supplied equals the quantity demanded at a given price. There is no upward or downward pressure on prices at equilibrium because all buyers and sellers are satisfied with the current price and quantity.
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