equilibrium occurs when supply and demand coordinate to set excess demand. set prices and production…
equilibrium occurs when supply and demand coordinate to set excess demand. set prices and production. maintain excess supply. raise prices and production.
Answer
Brief Explanations:
In economics, equilibrium is the state where supply and demand are balanced. This balance determines the market - clearing price and the quantity of production. Excess demand or supply indicates a non - equilibrium state. Raising prices and production is not the definition of equilibrium.
Answer:
set prices and production.