(redirected from Market Equilibriums)Also found in: Dictionary, Thesaurus, Financial, Encyclopedia. equilibrium [e″kwĭ-lib´re-um] 1. harmonious adjustment of different elements or parts; called also balance. 2. a state of chemical balance in the body, reached when the tissues contain ...
RegisterLog in Sign up with one click: Facebook Twitter Google Share on Facebook thermodynamic equilibrium (redirected fromEquilibrium state) Encyclopedia thermodynamic equilibrium n (General Physics) the condition of an isolated system in which the quantities that specify its properties, such as pressur...
But Walrasian theory provides no account of how equilibrium is achieved. Marshallian partial-equilibrium analysis offered a more plausible account of how general equilibrium is reached. But presuming that all markets, but the one being analyzed, are already in equilibrium, Marshallian partial equilibrium...
But in fact the upper right is stronger than just a static Nash equilibrium. It is what Selten called a ‘subgame perfect’ equilibrium, because just looking at the last part of the game where the incumbent finds himself one the entrant has entered (the ‘sub-game’), it would obviously ...
Each user non-cooperatively seeks to minimize his cost of transportation, and a user-optimized equilibrium is reached when no user can reduce his transportation cost through unilateral deviation. The second principle implies that each user behaves cooperatively in choosing his own route, so as to ...
aWhen supply becomes balanced with demand, the market is said to have reached equilibrium. At equilibrium, resources are used at their maximum efficiency. The study of economics is largely a study in how market economies can best achieve equilibrium, which is why economists spend a great deal ...
Equilibrium is used mostly by economists in order to explain rational market behavior: buyers and sellers continually purchase and sell goods until a point is reached where the market price is set so that the demand from consumers, and the supply from suppliers, is exactly equal. This naturally...
Equilibrium quantity is when there is noshortageor surplus of a product in the market. Supply and demand intersect, meaning the amount of an item that consumers want to buy is equal to the amount being supplied by its producers. In other words, the market has reached a perfect state of ba...
The process by which equilibrium prices are reached is through aprocess of competition. Among sellers to be the low-cost producer to grab the largest market share, and also among buyers to snatch up the best deals. General Equilibrium General equilibriumconsiders the aggregation of forces occurring...
intertemporal equilibrium can only be reached when individuals' consumption and investment choices are matched with the investment being carried out in the production structure. This match, or balance, allows goods to come to the market in the future, in accordance with the time preference of the ...