Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder

تمرين 26

Why is the price for which quantity demanded equals quantity supplied called an ''equilibrium price''? Suppose, instead, we viewed a demand curve as showing what price consumers are willing to pay and a supply curve as showing what price firms want to receive. Using this view of demand and supply, how would you define an ''equilibrium quantity''?