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What is Economics Notes 3 Module1 about?
Market equilibrium is a stable state where supply and demand balance, resulting in an equilibrium price where the quantity supplied equals the quantity demanded. Factors affecting equilibrium include production costs, competition, and availability of substitutes, with two types being partial equilibrium (single market) and general equilibrium (multiple markets). Disequilibrium occurs when supply and demand are not equal, leading to excess demand or supply, which can cause inflationary or deflationary pressu
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- anikethalder12435687910
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