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.
What is the difference between profit and producer surplus?
To begin with, let us recall our three-sector product-market equilibrium model given as C + I + G = C + S + TTo this three-sector model, we now add the foreign trade-the exports (X) and imports
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