Reviewed by Charles PottersFact checked by Yarilet PerezReviewed by Charles PottersFact checked by Yarilet Perez Equilibrium quantity is when there is no shortage or surplus of a product in the market ...

Discover how competitive equilibrium balances supply and demand in markets, maximizing economic efficiency for profit-driven producers and value-seeking consumers.

In the context of markets, equilibrium is when there's a balance between supply and demand, causing prices to stabilize. When there's an imbalance between supply and demand, prices tend to fluctuate ...

- (chemistry) the principle that (at chemical equilibrium) in a reversible reaction the ratio of the rate of the forward reaction to the rate of the reverse reaction is a constant for that reaction ...

Meaning of microeconomics and macroeconomics, Positive and Normative Economics. What is an economy? Central problems of an economy: what, how and for whom to produce; concepts of production ...

In this course, the learners are expected to acquire skills in collection, organisation and presentation of quantitative and qualitative information pertaining to various simple economic aspects ...