Unit 2.3: Competitive market equilibrium

IB Economics: Unit 2.3: Competitive market equilibrium

Equilibrium in markets occurs where demand equals supply and the market clearing price and output are established. The equilibrium price is known as the market clearing price because at that moment in time all the consumers who are willing and able to buy the product at the equilibrium price can purchase the good and all the producers who are willing and able to sell the product at the equilibrium price can sell it....


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