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Equilibrium quantity is the balance between what producers offer and what consumers are willing to buy at a specific price in a market.
Equilibrium quantity refers to the number of units that producers want to sell and consumers want to buy at the equilibrium price. This quantity is determined at the point where the supply and demand curves intersect on a graph, indicating a balance between what producers offer and what consumers are willing to buy at a specific price.
For example, in a market for pizza slices, if the price per slice is $1 and consumers are willing to buy all slices offered by producers at that price, then the market is in equilibrium. Any increase or decrease in price would lead to changes in the equilibrium quantity as consumers' willingness to buy and producers' willingness to sell fluctuate.
Market equilibrium occurs when the prevailing price results in the quantity supplied matching the quantity demanded, creating a stable pricing point where buyers and sellers are satisfied with their transactions.
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