What is Equilibrium
What do you mean by the term Equilibrium? Also state its proper definition.
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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.
Government tax and transfer payments generally
Quantity of a good: The quantity of a good which buyers demand is found out by the price of the good, income, the prices of associated goods, expectations, tastes, and the number of buyers.
Implications of fiscal deficit: (A) High fiscal deficit entails a big amount of borrowings in which the government takes more loans to pay back it. It raises the liability of government. Q : What is Equilibrium quantity Equilibrium quantity: It is the quantity supplied and the quantity demanded at equilibrium price.
Equilibrium quantity: It is the quantity supplied and the quantity demanded at equilibrium price.
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