Principles of Microeconomics
Solutions
Principles of Microeconomics
Define the equilibrium of a market. Describe the forces that move a market toward its equilibrium.
The equilibrium of a market is obtained at the point where the quantity demanded of a good or service is equal to quantity supplied.
When the price is above the equilibrium price, quantity demanded is less than quantity supplied that is sellers want to sell more than the buyers who want to buy. This result in a surplus and the sellers try to increase their sales by cutting prices...
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