Question

In an answer of at least two well-developed paragraphs, explain how supply and demand work together to reach the equilibrium price in the marketplace.

Answer 1

Market equilibrium will be happening to take place as when supply and demand get into intersection at one place.

Explanation:

If the price is getting too much high, then we will be in the need of the surplus. But if the price is getting low, then there will be much shortage as well. Hence the marketplace would be working as to raise the price or lower it up until the time we will be getting the equilibrium.

Answer 2

Market equilibrium happens when supply and demand intersect at one point.

If the price is too high, we will have a surplus. ( that is more objects than needed) If the price is too low we will have a shortage. ( that is, not many objects to sell)

In either of this situations, the marketplace will work to either raise or lower the price of the object until we get to equilibrium, and the number of those willing and able to buy will be equal to those willing and able to sell.