JAMB Economics 2015 Paper

Concept:Market equilibrium occurs when the quantity buyers want to buy equals the quantity sellers want to sell.Explanation:At equilibrium, market forces are balanced.This happens when quantity demanded ($Q_d$) equals quantity supplied ($Q_s$).The price at this point is the equilibrium price.There is neither excess demand nor excess supply at this position.Therefore, demand and supply being equal is the condition for market equilibrium.Answer:A. demand and supply are equal