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.
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Definition of equilibrium price: It is the price which balances quantity demanded and quantity supplied. The equilibrium price is frequently termed as the "market-clearing" price since both buyers and sellers are p
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