Economics · Microeconomics - Market Equilibrium
Consider the following statements about market equilibrium: Statement I: In equilibrium, the quantity that all firms wish to sell equals the quantity all consumers want to buy. Statement II: Excess supply exists when the market demand is greater than the market supply. Which of the above statements is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only Statement I is correct✓
- 2Only Statement II is correct
- 3Both statements are correct
- 4Neither statement is correct
Correct answer
Only Statement I is correct
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