Economic theory indicates that an unregulated market will move toward "equilibrium" over time. Briefly summarize what this means. One or two paragraphs should be sufficient. Please draw a graph to support your answer.

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
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Problem 8SCQ: A market in perfect competition is in long-run equilibrium. What happens to the market if labor...
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5. Economic theory indicates that an unregulated market will
move toward "equilibrium" over time. Briefly summarize
what this means. One or two paragraphs should be sufficient.
Please draw a graph to support your answer.
Transcribed Image Text:5. Economic theory indicates that an unregulated market will move toward "equilibrium" over time. Briefly summarize what this means. One or two paragraphs should be sufficient. Please draw a graph to support your answer.
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