Microeconomics Key Ideas #8
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Started by: Nihil_LemonjelloNihil_Lemonjello
Date: 29 Aug 2011 05:40
Number of posts: 22
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Summary:
In competitive markets, supply and demand constitute the sum of many individual decisions to sell and to buy. The interaction of supply and demand determines the price and quantity that will clear the marked. The price where quantity supplied and quantity demanded are equal is called the equilibrium or marked-clearing price.
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