The uncontrolled, competitive market equilibrium in the aforementioned graph has a tuition of $18,000 and a quantity of 30 million college students.
<h3>What Is Competitive Equilibrium? </h3>
Competitive equilibrium is a situation in which profit-maximizing producers and utility-maximizing customers reach an equilibrium price in competitive markets with freely determined prices. The quantity supplied and the quantity demanded are equal at the equilibrium price.
<h3>Why do competitive marketplaces alter equilibrium?</h3>
The market is constantly moving towards equilibrium because if the price is too high, there is a surplus and prices tend to drop until the surplus is sold and equilibrium is attained, and if the price is too low, there is a shortage and manufacturers raise prices and increase quantity provided.
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