Market Equilibrating Process Paper

ECO 561

Market Equilibrating Process

One may define market equilibrium as a position in which the value of a specific product within the marketplace is determined between multiple competitors, resulting in the quantity of goods or services demanded by the consumer becoming equivalent to the quantity of goods or services supplied by the producer. The value of which is known as the equilibrium value or market value in which the amount demanded is equivalent to the amount supplied (McConnell, 2009). The equilibrium quantity, "on the other hand," is the number of goods demanded and number of goods provided at the equilibrium cost in an aggressive market (McConnell, 2009). If one combines the equilibrium value with the equilibrium amount the result will...