Answered: With respect to a given product,…

With respect to a given product, describe the connection that exists between equalibrium/disequalibrium and prediction. cite an unique example

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter1: Introducing The Economic Way Of Thinking

Section1.A: Applying Graphs To Economics

Problem 6SQ

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With respect to a given product, describe the connection that exists between equalibrium/disequalibrium and prediction. cite an unique example

Expert Solution

Step 1

A product i Phone is said to be in equilibrium if its quantity demanded is equal to quantity supplied. While if its quantity demanded is greater or lower than quantity supplied then it is said to be in disequilibrium and if the quantity supplied is lower/ greater than quantity demand then the product has disequilibrium.

In short, disequilibrium is an imbalance between two opposing forces while equilibrium is a balance between two opposing forces.

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