Deion Rennewanz & Lindsey Cheney
Equilibrium price is a price where quantity supplied equals quantity demanded. If there is an equilibrium price its means that nothing will be left over. There will be no surplus nor shortage. An example would be when the price of Dr. Pepper increases the demand for Dr. Pepper will decrease and the supply for Dr. Pepper will increase. When the supply and the demand equal the same number you have equilibrium.
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