Macroeconomics: Principles, Problems, & Policies 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0-07766-077-3
ISBN 13: 978-0-07766-077-2

Chapter 3 - Demand, Supply, and Market Equilibrium - Discussion Questions - Page 72: 6

Answer

The equilibrium point exists at the intersection between the supply and demand curve. While this is a specific point at a specific point in time, it quickly changes, for the supply and demand curves shift up and down based on market conditions.

Work Step by Step

The equilibrium point exists at the intersection between the supply and demand curve. While this is a specific point at a specific point in time, it quickly changes, for the supply and demand curves shift up and down based on market conditions.
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