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When economists say firms are searching for a new equilibrium, they refer to the process by which companies adjust their operations, pricing, and strategies in response to changes in market conditions, demand, or external shocks. This search involves finding a balance where supply meets demand, allowing firms to maximize profits while responding to competitive pressures. The new equilibrium reflects a stable state where firms effectively allocate resources and adapt to the evolving economic landscape.
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What do economists mean when they say that price floors and ceilings stifle the rationing function of prices and distort resource allocation?
When economist says price floors means above equilibrium and leads to undermanned surplus. When they say price ceilings it means price below equilibrium which leads to unsupplied shortage.
What is the state of equilibrium called?
Dont u mean what is equilibrium?
What do economists mean by the term sticky wage?
it is par day wage
What does equilibrium and equilibrium mixture mean?
A quantity that characterizes the position of equilibrium for a reversible reaction; its magnitude is equal to the mass action expression at equilibrium. K varies with temperature.
What happens to the equilibrium price and equilibrium quantity in a market if the demand curve shifts to the right?
If the demand shift to the right, the equilibrium price and quantity will shift from the initial equilibrium price and quantity to the next, i mean the equilibrium price and quantity will increase as compare to the first.
What do economists mean when they say that price floors and ceilings stifle the rationing function of prices and distort resource allocation?
When economist says price floors means above equilibrium and leads to undermanned surplus. When they say price ceilings it means price below equilibrium which leads to unsupplied shortage.
When economists say that people act rationally in their self interest they mean that individuals what?
When economists say that people act rationally in their self interest they mean that
What do economists mean by longterm?
answer- longer than a year
What is the state of equilibrium called?
Dont u mean what is equilibrium?
What do economists mean by the term sticky wage?
it is par day wage
What does equilibrium and equilibrium mixture mean?
A quantity that characterizes the position of equilibrium for a reversible reaction; its magnitude is equal to the mass action expression at equilibrium. K varies with temperature.
What does it mean when a system in equilibrium shifts to favor the products?
when a system is in equilibrium it is stable and all its parts function smoothly
What does a large standard deviation of the equilibrium constant mean?
It means that equilibrium may be attained at widely separated values.
What does psychic disequilibrium mean?
The opposite of psychic equilibrium.
What does equilbrium mean?
Equilibrium means balance or level.
What happens to the equilibrium price and equilibrium quantity in a market if the demand curve shifts to the right?
If the demand shift to the right, the equilibrium price and quantity will shift from the initial equilibrium price and quantity to the next, i mean the equilibrium price and quantity will increase as compare to the first.
What do you mean by Sorting and Searching?
vikram
