Suppose the market for pizza slices is in equilibrium at a price of $1

Suppose the market for pizza slices is in equilibrium at a price of $1 per slice. What conditions are likely to be satisfied in the pizza slice market?

What will be an ideal response?

ANSWER

The conditions that are satisfied when the market for pizza slices is in equilibrium are:
a) The number of pizza slices manufactured by sellers will equal the number of pizza slices purchased by buyers.
b) Pizza sellers will produce pizzas at the point where the cost of production is less than or equal to the market price of $1.
c) Buyers will consume pizza as long as the benefit that they derive from consumption is at least equal to the market price of $1.