Equilibrium price
What Equilibrium price means in Economics GCSE, as defined for AQA, Pearson Edexcel.
Definitions of Equilibrium price
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Reference: AQA
The exact price at which the quantity demanded by consumers equals the quantity supplied by producers, meaning there is no excess demand or excess supply.
The price at which the quantity demanded equals the quantity supplied, resulting in no market shortage or surplus (the market clears).
Topics that use Equilibrium price
- Equilibrium price (AQA GCSE)
- The market system (Pearson Edexcel GCSE)
Related terms
- Price mechanism
- Demand
- Determinants of supply and demand
- Disequilibrium
- Excess demand
- Excess supply
- Excess supply and demand
- Graphical analysis
Using Equilibrium price in the exam
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