Explore BrainMass
Share

Explore BrainMass

    Defining market equilibrium

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    a. What is market equilibrium? Does the market always reach equilibrium? Discuss

    b. If there is surplus of gasoline in the market, then the price of gasoline will rise. True or false. Explain.

    Please provide examples for better understanding.

    © BrainMass Inc. brainmass.com October 10, 2019, 7:27 am ad1c9bdddf
    https://brainmass.com/economics/equilibrium/defining-market-equilibrium-581889

    Solution Preview

    a. What is market equilibrium? Does the market always reach equilibrium? Discuss

    Market equilibrium represents a situation in the market wherein supply of an item is exactly equal to ...

    Solution Summary

    A definition of market equilibrium as well as a response of the market to a surplus in the gasoline market.

    $2.19