What is Equilibrium
What do you mean by the term Equilibrium? Also state its proper definition.
Expert
Equilibrium:
A) It is the point where supply and demand curves intersect is termed as the market’s equilibrium.
B) Definition of equilibrium: It is a condition in which the price has reached the level where quantity supplied equivalents quantity demanded.
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The market system's answer to the fundamental question "How will the system promote progress?" is essentially:
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Describe when there will be a surplus of the good?
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