If you walk into the student union at lunch time, you will likely observe a very long line at Chik-Fil-A. If you walk into the student union around 2:30 p.m., there is hardly a line at all. Yet, the price that you pay for your food is no different at lunchtime, when demand is high, than it is at 2:30, when demand is low. Is this inconsistent with the supply and demand model we discussed in class? Explain your answer

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.