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Topic Content:
- Determination of:
- Equilibrium Price
- Equilibrium Quantity
Equilibrium is a balanced state.
Equilibrium Price:
Equilibrium price is the price at which the quantity supplied is equal to the quantity demanded, where the price corresponds to the point of intersection of demand and the supply curve. In other words, the two forces of supply and demand operate in order to fix the price of the commodity.
The price at which sellers are willing to supply, and buyers are willing and able
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