What is meant by equilibrium ? Illustrate with an eg.
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Equilibrium is defined as a state of balance or a stable situation where opposing forces cancel each other out and where no changes are occurring. ... An example of equilibrium is in economics when supply and demand are equal. An example of equilibrium is when you are calm and steady.
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Equilibrium is defined as a state of balance or a stable situation where opposing forces cancel each other out and where no changes are occurring. ... An example of equilibrium is in economics when supply and demand are equal. An example of equilibrium is when you are calm and steady.
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What Is Equilibrium?
Equilibrium is the state in which market supply and demand balance each other, and as a result prices become stable. Generally, an over-supply of goods or services causes prices to go down, which results in higher demand—while an under-supply or shortage causes prices to go up resulting in less demand. The balancing effect of supply and demand results in a state of equilibrium.
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