Final answer:
The market for running shoes can be represented by the equilibrium price and quantity. At equilibrium, the quantity demanded equals the quantity supplied, and there is no incentive for sellers to change the price.
Step-by-step explanation:
The market for running shoes can be represented by the equilibrium price and quantity. In economics, equilibrium refers to a state where the quantity demanded by buyers is equal to the quantity supplied by sellers. At this equilibrium point, there is no incentive for sellers to change the price because they are already selling all the shoes they have.
For example, if the equilibrium price of running shoes is $100 and the quantity demanded is 1,000 pairs, then the quantity supplied will also be 1,000 pairs. If the price increases to $150, there may be a surplus as the quantity supplied exceeds the quantity demanded. In this case, sellers would lower the price to sell all their shoes and bring the market back to equilibrium.