Summary of "Equilibrio de mercado | Cap. 5 - Microeconomía"
Market equilibrium is when the demand and supply curves intersect, resulting in a price and quantity where both buyers and sellers are satisfied.
- If the price is above the equilibrium price, there is an oversupply, leading sellers to lower the price to reach equilibrium.
- If the price is below the equilibrium price, there is excess demand, leading sellers to raise the price to reach equilibrium.
- Market forces will always bring the price to equilibrium, regardless of the initial price.
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