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What is Equilibrium?
In this case, equilibrium is used in economics.
Equilibrium is some balance that can occur in a model, which can represent a prediction if the model has a real-world analogue. The standard case is the price-quantity balance found in a supply and demand model. If the term is not otherwise qualified it often refers to the supply and demand balance.
In this case, equilibrium is used in economics.
Equilibrium is some balance that can occur in a model, which can represent a prediction if the model has a real-world analogue. The standard case is the price-quantity balance found in a supply and demand model. If the term is not otherwise qualified it often refers to the supply and demand balance.