Problem
Why is the price for which quantity demanded equals quantity supplied called an ‘‘equilibrium price''? Suppose, instead, we viewed a demand curve as showing what price consumers are willing to pay and a supply curve as showing what price firms want to receive. Using this view of demand and supply, how would you define an ‘‘equilibrium quantity''?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.