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How do price changes affect equilibrium?
In economics, economic equilibrium is a state of the world where economic forces are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. [ It is the point at which quantity demanded and quantity supplied are equal.[1] Market equilibrium, for example, refers to a condition where a market price is established through competition such
that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is often called the equilibrium price or market clearing price and will tend not to change unless demand or supply change. ]
Expert answered|ANGEEELICA|Points 1503|
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Asked 2/23/2011 10:02:08 PM
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