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bearhunter [10]
3 years ago
12

What is the definition of market equilibrium?

History
1 answer:
Leona [35]3 years ago
5 0

Answer:

Answer Below:

Explanation:

In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. For example, in the standard text perfect competition, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal.[1] Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes, and quantity is called the "competitive quantity" or market clearing quantity. But the concept of equilibrium in economics also applies to imperfectly competitive markets, where it takes the form of a Nash equilibrium.

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Read 2 more answers
What was life in Western Europe like during the Middle Ages?
frozen [14]

Answer:

Life in the Middle Ages in Western Europe was very harsh, especially for peasants. They had to work on fiefdoms under hard conditions, practically had no rights, weren't able to move or marry without the acceptance of their lord. Of course, additional problem for people were frequent wars, plagues, natural disasters and many others.

Explanation:

After the fall of Western Roman Empire, Western Europe was covered with problems, that erupted because of lack of centralized government. Certain feudal institutions, including ruling class had privileges, but most of the people lived in poverty. Of course, things started changing in the High and Late Middle Ages, but still we can say that things weren't good for most of the people.

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