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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

Explain how the equilibrium, or market, price of a product is determined.

Summary Introduction

To determine: How equilibrium or market price of a product is determine.

Introduction: Market equilibrium is a market status where the supply in the market is proportional to the demand in the market. The price of equilibrium is the cost of an item or service when its supply is comparable to the demand for it in the market.

Explanation

The equilibrium or market price of a product is determined through the following way:

The purpose of meeting point where the demand curve congregate the supply curve because of the unit demanded of an item being precisely equivalent to the item delivered is known as the point of equilibrium...

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