Equilibrium means a state of equality or balance between market demand and supply
Here is an example of supply and demand schedules and the equilibrium price
The equilibrium price and output can also be shown in a supply and demand diagram
This resource comprises two practice exam papers (with supporting mark schemes) for each of the two Year 1 (AS) papers. The format of each practice exam paper follows precisely the format of the specimen assessment materials issued by the board that have been accredited by Ofqual.