At the market price for a product, quality demanded is equal to the quantity supplied. there is no excess demand and no excess supply. what economic term would describe this scenario?

On january 1, jackson, inc.'s work-process inventory account showed a balance of $ 66,500. during the year, materials requisitioned for use in production amounted to $ 70,500, of which $ 67,700 represented direct materials. factory wages for the period were $ 210,000 of which $ 187,000 were for direct labor. manufacturing overhead is allocated on the basis of 60% of direct labor cost. actual overhead was $ 116,050. jobs costing $ 353,060 were completed during the year. the december 31 balance in work-process inventory is

In the supply-and-demand schedule shown above, at the lowest price of $50, producers supply music players and consumers demand music players.

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