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Understanding Market Equilibrium by Normashita Che Din is a document available to read on EtoBox.
What is Understanding Market Equilibrium about?
Market equilibrium occurs when the quantity demanded equals the quantity supplied at a particular price. This happens at the intersection of the demand and supply curves. If demand exceeds supply, competition will bid the price up until it reaches equilibrium. If supply exceeds demand, sellers will lower prices until equilibrium is reached. Circumstances like changes in demand or supply curves can shift the equilibrium point to a new price and quantity. The market mechanism ensures resources are allocated e
- Author
- Normashita Che Din
- Language
- EN