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Gerald Dickerson
History
21 August, 12:14
Why do competitive markets move equilibrium
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Hershey
21 August, 12:33
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At any other price, the quantity demanded does not equal the quantity supplied, so the market is not in equilibrium at that price. The word equilibrium means balance ... However, if a market is not at equilibrium, then economic pressures arise to move the market toward the equilibrium price and the equilibrium quantity. In response to the lower price, consumers will increase their quantity demanded, moving the market toward an equilibrium price and quantity ... In response to the demand of the consumers, producers will raise both the price of their product and the quantity they are willing to supply.
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