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Explain what it means to have a market in equilibrium

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Reference no: EM131368189

Market Equilbrium

You are providing a minimum of 275-300 words

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

Explain what it means to have a market in equilibrium, and how changes in supply and price would affect this equilibrium.

Make certain you include an example to illustrate your explanation and include one reference.

Reference no: EM131368189

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