Questions and Answers
What occurs at the point of equilibrium in a perfectly competitive market?
Quantity demanded and quantity supplied are equal
In economics, economic equilibrium is a situation in which?
supply and demand are balanced
What is the market price called at equilibrium in a competitive market?
Competitive price or market clearing price
In imperfectly competitive markets, what form does equilibrium take?
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What tends not to change at market equilibrium unless demand or supply changes?
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