Discover how competitive equilibrium balances supply and demand in markets, maximizing economic efficiency for profit-driven producers and value-seeking consumers.

Discover what administered prices are, their role in economies, examples from history, and how they impact supply, demand, and economic efficiency.

In the context of markets, equilibrium is when there's a balance between supply and demand, causing prices to stabilize. When there's an imbalance between supply and demand, prices tend to fluctuate ...