Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

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

Answer

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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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