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2 years ago

In microeconomics, what occurs when equilibrium is reached

2 answers:

6 0

In microeconomics, when equilibrium is reached, the prices are set. With the help of price studies, the demand and supply of a particular good also reached equilibrium.

Further Explanation:

Microeconomics:

Microeconomics is the type of economics in which only one good is taking into consideration while studying. In this economics, the market studies only of particular one good. In macroeconomics, all the goods available in the market are taking into consideration. The price, demand, and supply of particular goods can be determined with the help of microeconomics.

Equilibrium:

Equilibrium means the demand and supply of particular goods equal at which the price of particular goods determined. Means the prices are set for particular goods. With the help of prices, we can measure the actual production in the economy and compute the gross domestic product of the economy. With the help of GDP, we can measure the actual growth in the,

In microeconomics, when the demand and supply of particular goods are equal, then the price is determined. Equilibrium demand helps us to know about in the case of price changes, by how much amount is changed. Equilibrium supply helps us to know about in the case of price changes, by how much amount of supply is,It helps in the prediction of future changes in the market.

Learn more:

1. Learn more about demand and supply

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2. Learn more about economies of scale

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3. Learn more about economic elasticity

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Answer details:

Grade: Middle School

Subject: Economics

Chapter: Microeconomics

Keywords: microeconomics, equilibrium, reached, the price, set, demand, and supply of particular goods, equal, gross domestic product.

Anna35 [415]2 years ago

3 0

Prices are set. ☺️☺️☺️☺️

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Further Explanation:

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Answer:

The Journal entries are as follows:

(1)

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Workings:

Equipment value:

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= 64,000 +4,100 + 890 + 2,900

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Cash Paid:

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Explanation:

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