Answer:
Answer: C
Explanation:Equilibrium is achieved in a market when the quantity demanded is equal to quantity supplied. When these two variables are equal, then the market price is equal to equilibrium price.
When quantity demanded is more than quantity supplied, there will be excess demand and deficit in supply. In this case, the market price will increase till equilibrium is achieved.
Similarly, when there is excess of supply, then the price will fall till it reaches equilibrium.
Explanation:
