Demand: The willingness to buy a commodity or service backed with the purchasing power of the consumer is termed as demand. Supply: The particular amount of product available in the market at a particular price is termed as supply. Equilibrium: When the demand of the product is equal to the supply of that particular product at the prevailing price in the market, it is termed as market equilibrium .

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Chapter 3, Problem 11P

To determine

Concept Introduction:

Demand: The willingness to buy a commodity or service backed with the purchasing power of the consumer is termed as demand.

Supply: The particular amount of product available in the market at a particular price is termed as supply.

Equilibrium: When the demand of the product is equal to the supply of that particular product at the prevailing price in the market, it is termed as market equilibrium.

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