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    Equilibrium is a state where all the forces within the system are balanced. When at a state of equilibrium, barring external forces, the state is stable and will remain unchanged. In neoclassical thought, equilibriums are thought to be self-regulating and homeostatic. This means that when preturbed, the economy, market, or system will tend back towards equilibrium via built in mechanisms of the structure. A standard example of an equilibrium is a market equilibrium that occurs when quantity demanded equals quantity supplied. In this case a market price is then determined via this price mechanism. Another example of equilibriums that are dealt with in economics are game theoretical equilibriums such as a Nash Equilibrium. This is an equilibrium defined in game theory where none of the participating players have any incentive to deviate. Although no players have incentive to deviate, it is not entirely certain if or how this equilibrium will be achieved. This contrasts with a typical demand and supply equilibrium where the equilibrium will always be achieved in the long run due to the behaviours of consumers and producers. Equilibrium is an important concept that is integral to most models within economics. 

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