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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Define the equilibrium of a market. Describe the forces that move a market toward its equilibrium.

To determine
Equilibrium of a market.

Explanation

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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