Problem Questions for Review 4.7
Define the equilibrium of a market. Describe the forces that move a market toward its equilibrium.
Step 1 of 4
Equilibrium in a market is a condition that every economy aims to achieve, but due to problems occurring in a manifold, this fails. Due to this reason, often the policymakers and the government tends to interfere in the market to bring some variations, and in some cases, the market plays a key role in adjusting itself back to equilibrium.
Textbook: Principles of Economics
Author: N. Gregory Mankiw
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