posted by Rohit on .
what it meant by equilibrium in economics?how equilibirum attained?
The following site has an ok defintion.
(I cannot post the site: instead google economics, equilibrium, definition)
Market equilibrium occurs when buyers and sellers, each acting in their own best interest, arrive at a "solution" with respect to price and quantity and there is no immediate pressure to change. Both buyers and sellers accept that they cannot do any better buy doing something else.