ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN: 9781337408059
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 4, Problem 11P
To determine

The economic developments restoring market equilibrium in case of a market instability

Concept Introduction:

Market equilibrium- The price and output combination where the quantity demanded equals the quantity supplied is known as the market equilibrium. Graphically it is the point of interaction of the demand and supply curve.

Market clearing price- The price at the market equilibrium is known as the market clearing price as any shortage or surplus existent at other prices are cleared or eliminated at this price.

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