Meaning of the word "equilibrium price" in English
What does "equilibrium price" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.
equilibrium price
US /ˌiː.kwɪˈlɪb.ri.əm ˈpraɪs/
UK /ˌiː.kwɪˈlɪb.ri.əm ˈpraɪs/
Noun
the price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a stable market
Example:
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The market reached an equilibrium price when supply and demand were balanced.
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Understanding the equilibrium price is crucial for economic analysis.