Answered: With respect to a given product,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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With respect to a given product, describe the connection that exists between equalibrium/disequalibrium and prediction. cite an unique example

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A product i Phone is said to be in equilibrium if its quantity demanded is equal to quantity supplied. While if its quantity demanded is greater or lower than quantity supplied then it is said to be in disequilibrium and if the quantity supplied is lower/ greater than quantity demand then the product has disequilibrium.

In short, disequilibrium is an imbalance between two opposing forces while equilibrium is a balance between two opposing forces.

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