Equilibrium of a market
How can Equilibrium of a market be exist?
Expert
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.
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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. Discover Q & A Leading Solution Library Avail More Than 1457127 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1957149 Asked 3,689 Active Tutors 1457127 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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