Why is concept of equilibrium important in social science


Questions:

Prompt.1 Why is the concept of equilibrium (such as a market equilibrium) important when understanding a social science? Do such equilibriums deserve respect, either morally or functionally?

Prompt.2 What does it mean that a firm is pricing its product based on "whatever the market will bear"?

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Microeconomics: Why is concept of equilibrium important in social science
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