Explain the following statement: "The invisible hand pushing toward a supply/demand equilibrium would be thwarted by social and political forces pushing in the other direction." Give examples on the social force and political force that the statement refers to.

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The Answer is The term equilibrium that is used in an economics course refers to the state where the quantity supplied equals the quantity demanded,without any considerations to social and political forces.Very often,social and political forces exist,and they provide a counter pressure to the dynamic forces of demand and supply.The result could be an equilibrium with a persisting excess supply or excess demand if the market were defined in reference to economic forces.An example of a political force is the U.S.agricultural price support program that guarantees farmer a high price for their products.An example of a social force is the refusal by some people to accept jobs that are perceived by the society as "inappropriate," such as cleaning bathrooms in a public place.

Explain the Following Statement: "The Invisible Hand Pushing Toward a Supply/demand