Equilibrium is a "moving target" because of the constant fluctuation of supply and demand over time. Equilibrium is defined as: the point at which quantity demanded and quantity supplied are equal. Although this definition seems fairly simple, many people tend to overlook how supply and demand of a known product tends to be migratory and is never constant.
Equilibrium never seems to stay in one place for a many of reasons, one such reason is the change of prices. One good example is the Sony Playstation 2 that was released a couple of years ago. Because of a high demand and its inelasticit…
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