The balancing effect of supply and demand results in a state of equilibrium. A market is said to have reached equilibrium price when the ... is the equilibrium quantity. In such a case, there ...

To the level of output? Explain you answer with math and with a graph. 1. a) LRS is given by p=4 and is a horizontal line. b) The demand is adownward sloping straight line. The equilibrium price and ...