Concerned about markets being in equilibrium

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Reference no: EM131084694

In microeconomics we are concerned about markets being in equilibrium. This refers to the point at which price, supply, and demand, are in equilibrium.

For your initial post I would like you to explain:

1) What it means to have a market in equilibrium, and how changes in supply or price would affect this equilibrium.

Reference no: EM131084694

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