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JAMB Economics 2017 Paper
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Question : 33
Total: 50
The equilibrium price clears the market; it is the price at which___________
Everything is sold
Buyers spend all their money
Excess demand is zero
None of the above
Validate
Solution:
Equilibrium price is the price where the demand for a product or a service is equal to the supply of the product or service. At equilibrium, both consumers and producers are satisfied, thereby keeping the price of the product or the service stable.
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