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ECON 1BB3 (535)
Lecture

Equilibrium

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Fall

Description
Equilibrium price: the price for which q^s=q^d Equilibrium quantity: the quantity that corresponds to equilibrium price If q^s > q^d then there is a surplus Stocks build up and firms decrease price until equilibrium is restored If q^s < q^d there is a shortage If there is high demand firms increase price until equi
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