The equilibrium price of a product is inversely proportional to the equilibrium quantity.
The cost at which the amount provided and demanded are equal is referred to as the equilibrium price. It is established where the demand and supply curves cross. If more goods are produced than are needed to satisfy demand, there is a surplus and this pushes prices lower. If more people want a good than can be supplied, there is a shortage and this pushes prices up.
The only price at which consumer and producer intentions coincide is the equilibrium price, which is reached when the quantity sought by consumers and the quantity supplied by producers are equal. Equilibrium quantity is the name given to this common quantity.
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