Equilibrium of a market
How can Equilibrium of a market be exist?
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Equilibrium of a market:
It is the point at which the quantity demanded is equivalent to the quantity supplied. When the price is above the equilibrium price, sellers desire to sell more than buyers desire to purchase, therefore there is a surplus. Sellers try to raise their sales by cutting the prices. That carries on till they reach equilibrium price. When the price is beneath the equilibrium price, buyers wish for to purchase more than sellers want to sell, therefore there is a scarcity. Sellers can increase their price devoid of losing customers. That carries on till they reach equilibrium price.
In what respect foreign trade will be helpful in eliminating the adverse economic influences of deficient demand? Answer: Export increases the demand for services a
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What are the conditions through which the supply curve will shift?
In this figure shown below, the price elasticity of demand for DVD games among prices of $30 and $40 is nearest to: (i) 7/6. (ii) 1/2. (iii) 3/7. (iv) 7/3. (v) 1/3. Q : Are government budget scarcities always ‘The country is at present in recession and this has led to worse tax revenue and high expenses. The effect is a huge deficit. The government decides to increase taxes and lower government expenses. Is this an excellent idea?’
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