What is equilibrium price?

The equilibrium price is the price at which the quantity demanded equals the quantity supplied. It is determined by the intersection of the demand and supply curves. A surplus exists if the quantity of a good or service supplied exceeds the quantity demanded at the current price; it causes downward pressure on price.

What is the equilibrium price of a pound?

We call that the equilibrium price. Equilibrium price is $2.15 a pound. It's the price at which the quantity supplied is equal to the quantity demanded. This quantity supplied is equal to the quantity demanded. That's the equilibrium quantity. That right over here looks like it's right about ... I don't know ... 2200 pounds. 2200 pounds.

What is equilibrium quantity?

Equilibrium quantity is when there is no shortage or surplus of a product in the market. Supply and demand intersect, meaning the amount of an item that consumers want to buy is equal to the amount being supplied by its producers. In other words, the market has reached a perfect state of balance as prices stabilize to suit all parties.