SELECT * FROM question_mgmt as q WHERE id=10289 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=612 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th micro-economics Market Equilibrium explain market equilibrium

Question:

Explain market equilibrium.

Answer:

Market equilibrium is defined as the state of rest that is determined by the rational objectives of the consumer and the producers (i.e. maximization of satisfaction and profit respectively). It is a state where the aggregate quantity that all the firms want to sell are purchased by consumers, i. e. market supply equals market demand. At
this situation, there is no incentives or tendency for any change in quantity demanded, quantity supplied and price.


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