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Define Or Explain the Following Concept: Equilibrium Price - Economics

Short Note

Define or explain the following concept:

Equilibrium price

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Solution

Equilibrium price is the price at which the demand for a good is equal to its supply. This price is determined by the intersection of the demand and supply curves. Thus, it is a state where the demand and supply of goods balance.

Concept: Equilibrium Price
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APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 6 Forms of Market and Price Determination Under Perfect Competition
Exercise | Q 1.5 | Page 52
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