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Economics > The determination of equilibrium price and output in a freely competitive market > Flashcards

The determination of equilibrium price and output in a freely competitive market Flashcards

1
Q

What does equilibrium mean?

A

A state of balance or equality between market demand and supply

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2
Q

What is it called when demand and supply are out of balance?

A

Disequilibrium

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Economics (8 decks)

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