|
11. Market equilibrium means that the desired quantity demanded and the desired quantity supplied are equal. As you can see in the table to the right, equilibrium occurs when the price is 2. At this price, both the desired quantity supplied and demanded are equal to 6. At any price greater than 2, the desired quantity supplied will be greater than demanded; and at any price below 2, the desired quantity supplied will be greater.
|
| Market Data |
| Price |
Quantity Supplied |
Quantity Demanded |
| 0 |
0 |
10 |
| 1 |
3 |
8 |
| 2 |
6 |
6 |
| 3 |
9 |
4 |
| 4 |
12 |
2 |
| 5 |
15 |
0 |
|
