The equilibrium price of rice is the price at which

Assessment: WAEC SSCE - Agricultural Science - 2004 (Objective) Subject: Agricultural Science

Question 1 Report

The equilibrium price of rice is the price at which
Answer Details
The equilibrium price of rice is the price at which its supply equals its demand. In other words, it is the price where buyers are willing to buy the same quantity of rice that sellers are willing to sell. At this price, there is no excess supply or excess demand, and the market is said to be in a state of balance. If the price is set above the equilibrium price, there will be excess supply, and if it is set below the equilibrium price, there will be excess demand. Therefore, the equilibrium price is a key determinant of the price at which rice is sold in the market.
Read lesson note on Principles Of Supply (WAEC)
Read lesson note on Principles Of Demand (WAEC)
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