What term describes the price where the amount demanded equals the amount supplied?

The term that describes the price where the amount demanded equals the amount supplied is "Equilibrium Price." At this price point, the market is in a state of balance or equilibrium, meaning that the quantity of goods that consumers are willing to buy matches exactly the quantity that producers are willing to sell. This balance reflects the interaction of supply and demand, where there is no inherent tendency for the price to change unless external factors shift either the supply or demand curves.

When the market reaches this equilibrium, it indicates an efficient allocation of resources, where there is neither a surplus nor a shortage. A surplus occurs when the price is above equilibrium, leading to excess supply, while a shortage arises when the price is below equilibrium, creating excess demand. Opportunity cost, on the other hand, refers to the value of the next best alternative foregone when making a choice, which is a different economic concept.