Economic theory indicates that an unregulated market will move toward "equilibrium" over time. Briefly summarize what this means. One or two paragraphs should be sufficient. Please draw a graph to support your answer.

Microeconomics: Private and Public Choice (MindTap Course List)
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ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter9: Price Takers And The Competitive Process
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5. Economic theory indicates that an unregulated market will
move toward "equilibrium" over time. Briefly summarize
what this means. One or two paragraphs should be sufficient.
Please draw a graph to support your answer.
Transcribed Image Text:5. Economic theory indicates that an unregulated market will move toward "equilibrium" over time. Briefly summarize what this means. One or two paragraphs should be sufficient. Please draw a graph to support your answer.
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