Solved: Market equilibrium between supply and demand forces, Macroeconomics

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Market equilibrium between supply and demand forces

Question:

In a free market economy, the price mechanism works to allocate scarce resources in the most efficient manner. Illustrate and explain how this mechanism works to achieve market equilibrium between supply and demand forces. How does a change in supply/demand differ from a shift in the supply/demand curves?

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Macroeconomics: Market equilibrium between supply and demand forces

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