Thursday
October 2, 2014

Homework Help: Economics

Posted by Rohit on Thursday, April 26, 2007 at 3:08am.

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.

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