Question

Clarify the meaning of equilibrium in an industry.

Answer 1

Answer:

An industry is said to be in equilibrium when there is no tendency for its output to increase or decrease. Now the output of the industry can vary, firstly by the expansion or contraction of output by the individual firms, and, secondly, by the entry or exit of the firms.

Answer 2

Answer:

it is the industry product of the geographical estates

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