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Essay Details:
Essay text:
The relation between the demand and supply determines the equilibrium position of a particular good or a service. In this essay we will take a look at the factors that influence the equilibrium position of a good in the market, and the changes occur to the price and output levels of the good.
Equilibrium
"The market equilibrium occurs at the price where consumer's willing to demand is equal to firm's willingness to supply" (Begg and Ward, 2007). Hardwick et al (1990) define "an equilibrium is a state of rest in which no economics forces are being generated to change the situation". For a particular good in the market this state is said to be existed when there is no excess demand and excess supply...
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