Explain why the price in competitive markets settles down at the equilibrium intersection of supply and demand.

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Explain why the price in competitive markets settles down at the equilibrium intersection of supply and demand. Explain what happens if the market price starts out too high or too low.

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Economics

ISBN: ?978-0073511290

19th edition

Authors: Paul A. Samuelson, William Nordhaus

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Question Posted: Dec 05, 2015 03:28 AM

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Explain why the price in competitive markets settles down at the equilibrium intersection of supply and demand.

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Hence for final analysis we can say that if pri...View the full answer

Economics

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