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Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022 Exercise 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''?
Explanation
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In the very short run or market period, ...
Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
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