Define the concept of market equilibrium.

Question

Question

business economics

Answer 1

Answer #1

Market equilibrium is a market condition in which supply in the market is equal to the demand in the market.

Market equilibrium occurs at the intersection point of supply and demand curve. This intersection point is known as market equuequilib point.

Any deviation from market equilibrium point result in a disequilibrium in market.

Answer 2

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