What does it mean to have a market in equilibrium?
In microeconomics we are concerned about markets being in equilibrium. For this discussion post please respond to the following prompts.
- What does it mean to have a market in equilibrium?
- How do changes in supply or price affect this equilibrium?
- Make sure to include an example to illustrate your ideas.
- If necessary, complete additional research to support your ideas on this topic.
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