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class="vector-toc-link" href="#Properties_of_equilibrium"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Properties of equilibrium</span> </div> </a> <button aria-controls="toc-Properties_of_equilibrium-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Properties of equilibrium subsection</span> </button> <ul id="toc-Properties_of_equilibrium-sublist" class="vector-toc-list"> <li id="toc-Example:_competitive_equilibrium" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Example:_competitive_equilibrium"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Example: competitive equilibrium</span> </div> </a> <ul id="toc-Example:_competitive_equilibrium-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Example:_monopolist_equilibrium" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Example:_monopolist_equilibrium"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Example: monopolist equilibrium</span> </div> </a> <ul id="toc-Example:_monopolist_equilibrium-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Example:_Nash_equilibrium" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Example:_Nash_equilibrium"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Example: Nash equilibrium</span> </div> </a> <ul id="toc-Example:_Nash_equilibrium-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Market_clearing_prices" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Market_clearing_prices"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Market clearing prices</span> </div> </a> <ul id="toc-Market_clearing_prices-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Interpretations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Interpretations"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Interpretations</span> </div> </a> <ul id="toc-Interpretations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Solving_for_the_competitive_equilibrium_price" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Solving_for_the_competitive_equilibrium_price"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Solving for the competitive equilibrium price</span> </div> </a> <button aria-controls="toc-Solving_for_the_competitive_equilibrium_price-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Solving for the competitive equilibrium price subsection</span> </button> <ul id="toc-Solving_for_the_competitive_equilibrium_price-sublist" class="vector-toc-list"> <li id="toc-Influences_changing_price" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Influences_changing_price"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Influences changing price</span> </div> </a> <ul id="toc-Influences_changing_price-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Dynamic_equilibrium" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Dynamic_equilibrium"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Dynamic equilibrium</span> </div> </a> <ul id="toc-Dynamic_equilibrium-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Disequilibrium" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Disequilibrium"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Disequilibrium</span> </div> </a> <ul id="toc-Disequilibrium-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Economic equilibrium</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 36 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-36" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">36 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AA%D9%88%D8%A7%D8%B2%D9%86_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A" title="توازن اقتصادي – Arabic" lang="ar" hreflang="ar" data-title="توازن اقتصادي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/%C4%B0qtisadi_m%C3%BCvazin%C9%99t" title="İqtisadi müvazinət – Azerbaijani" lang="az" hreflang="az" data-title="İqtisadi müvazinət" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%98%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%BE_%D1%80%D0%B0%D0%B2%D0%BD%D0%BE%D0%B2%D0%B5%D1%81%D0%B8%D0%B5" title="Икономическо равновесие – Bulgarian" lang="bg" hreflang="bg" data-title="Икономическо равновесие" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Equilibri_econ%C3%B2mic" title="Equilibri econòmic – Catalan" lang="ca" hreflang="ca" data-title="Equilibri econòmic" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Ekonomick%C3%A1_rovnov%C3%A1ha" title="Ekonomická rovnováha – Czech" lang="cs" hreflang="cs" data-title="Ekonomická rovnováha" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Gleichgewicht_(Wirtschaftstheorie)" title="Gleichgewicht (Wirtschaftstheorie) – German" lang="de" hreflang="de" data-title="Gleichgewicht (Wirtschaftstheorie)" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Equilibrio_econ%C3%B3mico" title="Equilibrio económico – Spanish" lang="es" hreflang="es" data-title="Equilibrio económico" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Oreka_ekonomiko" title="Oreka ekonomiko – Basque" lang="eu" hreflang="eu" data-title="Oreka ekonomiko" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AA%D8%B9%D8%A7%D8%AF%D9%84_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%DB%8C" title="تعادل اقتصادی – Persian" lang="fa" hreflang="fa" data-title="تعادل اقتصادی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/%C3%89quilibre_%C3%A9conomique" title="Équilibre économique – French" lang="fr" hreflang="fr" data-title="Équilibre économique" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B2%BD%EC%A0%9C%EC%A0%81_%EA%B7%A0%ED%98%95" title="경제적 균형 – Korean" lang="ko" hreflang="ko" data-title="경제적 균형" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8F%D5%B6%D5%BF%D5%A5%D5%BD%D5%A1%D5%AF%D5%A1%D5%B6_%D5%B0%D5%A1%D5%BE%D5%A1%D5%BD%D5%A1%D6%80%D5%A1%D5%AF%D5%B7%D5%BC%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6" title="Տնտեսական հավասարակշռություն – Armenian" lang="hy" hreflang="hy" data-title="Տնտեսական հավասարակշռություն" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%86%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%BF%E0%A4%95_%E0%A4%B8%E0%A4%82%E0%A4%A4%E0%A5%81%E0%A4%B2%E0%A4%A8" title="आर्थिक संतुलन – Hindi" lang="hi" hreflang="hi" data-title="आर्थिक संतुलन" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Tr%C5%BEi%C5%A1na_ravnote%C5%BEa" title="Tržišna ravnoteža – Croatian" lang="hr" hreflang="hr" data-title="Tržišna ravnoteža" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Harga_keseimbangan" title="Harga keseimbangan – Indonesian" lang="id" hreflang="id" data-title="Harga keseimbangan" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Equilibrio_economico" title="Equilibrio economico – Italian" lang="it" hreflang="it" data-title="Equilibrio economico" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A9%D7%99%D7%95%D7%95%D7%99_%D7%9E%D7%A9%D7%A7%D7%9C_(%D7%9B%D7%9C%D7%9B%D7%9C%D7%94)" title="שיווי משקל (כלכלה) – Hebrew" lang="he" hreflang="he" data-title="שיווי משקל (כלכלה)" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BA%94%E0%BA%B8%E0%BA%99%E0%BA%8D%E0%BA%B0%E0%BA%9E%E0%BA%B2%E0%BA%9A%E0%BB%80%E0%BA%AA%E0%BA%94%E0%BA%96%E0%BA%B0%E0%BA%81%E0%BA%B4%E0%BA%94" title="ດຸນຍະພາບເສດຖະກິດ – Lao" lang="lo" hreflang="lo" data-title="ດຸນຍະພາບເສດຖະກິດ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Paklausos_ir_pasi%C5%ABlos_pusiausvyros_ta%C5%A1kas" title="Paklausos ir pasiūlos pusiausvyros taškas – Lithuanian" lang="lt" hreflang="lt" data-title="Paklausos ir pasiūlos pusiausvyros taškas" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Piaci_egyens%C3%BAly" title="Piaci egyensúly – Hungarian" lang="hu" hreflang="hu" data-title="Piaci egyensúly" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%97%D0%B0%D1%85_%D0%B7%D1%8D%D1%8D%D0%BB%D0%B8%D0%B9%D0%BD_%D1%82%D1%8D%D0%BD%D1%86%D0%B2%D1%8D%D1%80" title="Зах зээлийн тэнцвэр – Mongolian" lang="mn" hreflang="mn" data-title="Зах зээлийн тэнцвэр" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Economisch_evenwicht" title="Economisch evenwicht – Dutch" lang="nl" hreflang="nl" data-title="Economisch evenwicht" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%9D%87%E8%A1%A1" title="均衡 – Japanese" lang="ja" hreflang="ja" data-title="均衡" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Markedslikevekt" title="Markedslikevekt – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Markedslikevekt" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%A8%D8%A7%D8%B2%D8%A7%D8%B1_%D8%AA%D9%88%D8%A7%D8%B2%D9%86" title="بازار توازن – Pashto" lang="ps" hreflang="ps" data-title="بازار توازن" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Equil%C3%ADbrio_de_mercado" title="Equilíbrio de mercado – Portuguese" lang="pt" hreflang="pt" data-title="Equilíbrio de mercado" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Echilibru_economic" title="Echilibru economic – Romanian" lang="ro" hreflang="ro" data-title="Echilibru economic" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%AD%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%BE%D0%B5_%D1%80%D0%B0%D0%B2%D0%BD%D0%BE%D0%B2%D0%B5%D1%81%D0%B8%D0%B5" title="Экономическое равновесие – Russian" lang="ru" hreflang="ru" data-title="Экономическое равновесие" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Trhov%C3%A1_rovnov%C3%A1ha" title="Trhová rovnováha – Slovak" lang="sk" hreflang="sk" data-title="Trhová rovnováha" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%A2%D1%80%D0%B6%D0%B8%D1%88%D0%BD%D0%B0_%D1%80%D0%B0%D0%B2%D0%BD%D0%BE%D1%82%D0%B5%D0%B6%D0%B0" title="Тржишна равнотежа – Serbian" lang="sr" hreflang="sr" data-title="Тржишна равнотежа" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Taloudellinen_tasapaino" title="Taloudellinen tasapaino – Finnish" lang="fi" hreflang="fi" data-title="Taloudellinen tasapaino" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Equilibrium_noktas%C4%B1" title="Equilibrium noktası – Turkish" lang="tr" hreflang="tr" data-title="Equilibrium noktası" data-language-autonym="Türkçe" 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Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Economic+equilibrium%22">"Economic equilibrium"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Economic+equilibrium%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Economic+equilibrium%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Economic+equilibrium%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Economic+equilibrium%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Economic+equilibrium%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">April 2020</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox"><tbody><tr><th colspan="2" class="infobox-above" style="border-bottom: solid sienna 1px; font-size: 125%;">Economic equilibrium</th></tr><tr><td colspan="2" class="infobox-subheader"><a href="/wiki/Solution_concept" title="Solution concept">Solution concept</a> in <a href="/wiki/Game_theory" title="Game theory">game theory</a></td></tr><tr><th colspan="2" class="infobox-header" style="background-color: #fffdec; border-top: solid silver 1px; border-bottom: solid silver 1px;">Relationship</th></tr><tr><th scope="row" class="infobox-label" style="white-space: nowrap;">Subset of</th><td class="infobox-data"><a href="/wiki/List_of_types_of_equilibrium" title="List of types of equilibrium">Equilibrium</a>, <a href="/wiki/Free_market" title="Free market">Free market</a></td></tr><tr><th scope="row" class="infobox-label" style="white-space: nowrap;">Superset of</th><td class="infobox-data"><a href="/wiki/Competitive_equilibrium" title="Competitive equilibrium">Competitive equilibrium</a>, <a href="/wiki/Nash_equilibrium" title="Nash equilibrium">Nash equilibrium</a>, <a href="/wiki/Intertemporal_equilibrium" title="Intertemporal equilibrium">Intertemporal equilibrium</a>, <a href="/wiki/Recursive_competitive_equilibrium" title="Recursive competitive equilibrium">Recursive competitive equilibrium</a></td></tr><tr><th colspan="2" class="infobox-header" style="background-color: #fffdec; border-top: solid silver 1px; border-bottom: solid silver 1px;">Significance</th></tr><tr><th scope="row" class="infobox-label" style="white-space: nowrap;">Used for</th><td class="infobox-data">mostly <a href="/wiki/Perfect_competition" title="Perfect competition">Perfect competition</a>, but also some <a href="/wiki/Imperfect_competition" title="Imperfect competition">Imperfect competition</a></td></tr></tbody></table> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl 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.sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economics" title="Category:Economics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="border-top:1px #fafafa solid; border-bottom:1px #fafafa solid; background:#efefef;padding:0.2em;font-size:200%;"><a href="/wiki/Economics" title="Economics">Economics</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Supply-demand-equilibrium.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/240px-Supply-demand-equilibrium.svg.png 2x" data-file-width="217" data-file-height="217" /></a></span></td></tr><tr><td class="sidebar-above"> <ul><li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Branches and <a href="/wiki/JEL_classification_codes" title="JEL classification codes">classifications</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/International_economics" title="International economics">International</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Micro</a> / <a href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL classification codes</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul></div></div> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics_sidebar" title="Template:Economics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics_sidebar" title="Template talk:Economics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics_sidebar" title="Special:EditPage/Template:Economics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In <a href="/wiki/Economics" title="Economics">economics</a>, <b>economic equilibrium</b> is a situation in which economic forces such as <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a> are balanced and in the absence of external influences the (<a href="https://en.wiktionary.org/wiki/equilibrium" class="extiw" title="wikt:equilibrium">equilibrium</a>) values of economic variables will not change. For example, in the standard text <a href="/wiki/Perfect_competition" title="Perfect competition">perfect competition</a>, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p><b>Market equilibrium</b> in this case is a condition where a market <a href="/wiki/Price" title="Price">price</a> is established through competition such that the amount of goods or services sought by <a href="/wiki/Law_of_supply_and_demand" class="mw-redirect" title="Law of supply and demand">buyers</a> is equal to the amount of goods or services produced by <a href="/wiki/Law_of_supply_and_demand" class="mw-redirect" title="Law of supply and demand">sellers</a>. This price is often called the <b>competitive price</b> or <a href="/wiki/Market_clearing" title="Market clearing">market clearing</a> price and will tend not to change unless demand or supply changes, and quantity is called the "competitive quantity" or market clearing quantity. But the concept of <i>equilibrium</i> in economics also applies to <a href="/wiki/Imperfect_competition" title="Imperfect competition">imperfectly competitive</a> markets, where it takes the form of a <a href="/wiki/Nash_equilibrium" title="Nash equilibrium">Nash equilibrium</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Understanding_economic_equilibrium">Understanding economic equilibrium</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=1" title="Edit section: Understanding economic equilibrium"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>An economic equilibrium is a situation when the economic agent cannot change the situation by adopting any strategy. The concept has been borrowed from the physical sciences. Take a system where physical forces are balanced for instance.This economically interpreted means no further change ensues. </p> <div class="mw-heading mw-heading2"><h2 id="Properties_of_equilibrium">Properties of equilibrium</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=2" title="Edit section: Properties of equilibrium"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Three basic properties of equilibrium in general have been proposed by <a href="/wiki/Huw_Dixon" title="Huw Dixon">Huw Dixon</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> These are: </p> <ul><li>Equilibrium property P1: The behavior of agents is consistent.</li></ul> <ul><li>Equilibrium property P2: No agent has an incentive to change its behavior.</li></ul> <ul><li>Equilibrium property P3: Equilibrium is the outcome of some dynamic process (stability).</li></ul> <div class="mw-heading mw-heading3"><h3 id="Example:_competitive_equilibrium">Example: competitive equilibrium</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=3" title="Edit section: Example: competitive equilibrium"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Price_of_market_balance.gif" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7b/Price_of_market_balance.gif/220px-Price_of_market_balance.gif" decoding="async" width="220" height="220" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7b/Price_of_market_balance.gif/330px-Price_of_market_balance.gif 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7b/Price_of_market_balance.gif/440px-Price_of_market_balance.gif 2x" data-file-width="512" data-file-height="512" /></a><figcaption>Competitive Equilibrium: Price equates supply and demand. <div><ul><li>P – price</li><li>Q – quantity demanded and supplied</li><li>S – supply curve</li><li>D – demand curve</li><li>P<sub>0</sub> – equilibrium price</li><li>A – excess demand – when P<P<sub>0</sub></li><li>B – excess supply – when P>P<sub>0</sub></li></ul></div></figcaption></figure> <p>In a <a href="/wiki/Competitive_equilibrium" title="Competitive equilibrium">competitive equilibrium</a>, supply equals demand. Property P1 is satisfied, because at the equilibrium price the amount supplied is equal to the amount demanded. Property P2 is also satisfied. Demand is chosen to maximize utility given the market price: no one on the demand side has any incentive to demand more or less at the prevailing price. Likewise supply is determined by firms maximizing their profits at the market price: no firm will want to supply any more or less at the equilibrium price. Hence, agents on neither the demand side nor the supply side will have any incentive to alter their actions. </p><p>To see whether Property P3 is satisfied, consider what happens when the price is above the equilibrium. In this case there is an excess supply, with the quantity supplied exceeding that demanded. This will tend to put downward pressure on the price to make it return to equilibrium. Likewise where the price is below the equilibrium point (also known as the "sweet spot"<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup>) there is a shortage in supply leading to an increase in prices back to equilibrium. Not all equilibria are "stable" in the sense of equilibrium property P3. It is possible to have competitive equilibria that are unstable. However, if an equilibrium is unstable, it raises the question of reaching it. Even if it satisfies properties P1 and P2, the absence of P3 means that the market can only be in the unstable equilibrium if it starts off there. </p><p>In most simple microeconomic stories of supply and demand a <b>static equilibrium</b> is observed in a market; however, economic equilibrium can be also <a href="/wiki/Dynamic_equilibrium" title="Dynamic equilibrium">dynamic</a>. Equilibrium may also be economy-wide or <a href="/wiki/General_equilibrium" class="mw-redirect" title="General equilibrium">general</a>, as opposed to the <a href="/wiki/Partial_equilibrium" title="Partial equilibrium">partial equilibrium</a> of a single market. Equilibrium can change if there is a change in demand or supply conditions. For example, an increase in supply will disrupt the equilibrium, leading to lower prices. Eventually, a new equilibrium will be attained in most markets. Then, there will be no change in price or the amount of output bought and sold — until there is an <a href="/wiki/Exogenous_variable" class="mw-redirect" title="Exogenous variable">exogenous</a> shift in supply or demand (such as changes in <a href="/wiki/Technology" title="Technology">technology</a> or <a href="/wiki/Preference" title="Preference">tastes</a>). That is, there are no <a href="/wiki/Endogeneity_(econometrics)" title="Endogeneity (econometrics)">endogenous</a> forces leading to the price or the quantity. </p> <div class="mw-heading mw-heading3"><h3 id="Example:_monopolist_equilibrium">Example: monopolist equilibrium</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=4" title="Edit section: Example: monopolist equilibrium"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In a monopoly, marginal revenue (MR) equals marginal cost (MC). The equilibrium quantity is obtained from where MR and MC intersect and the equilibrium price can be found on the demand curve where MR = MC. Property P1 is not satisfied because the amount demand and the amount supplied at the equilibrium price are not equal. Property P2 is not satisfied. Because the monopolist's profit-maximizing quantity is different from the socially-maximizing quantity, consumers have an incentive to demand more at the equilibrium price. However, at the market price, monopolists maximize their profits so they have no incentive to change their price. Therefore, agents on the demand side have an incentive to alter their actions while the agents on the supply side do not have any incentive to alter their actions. </p><p>In order to determine if Property P3 is satisfied, the same situations used to determine P3 in a competitive equilibrium can be used. When there is an excess in supply, monopolists will realize that the equilibrium is not at the profit-maximizing quantity and will put upward pressure on the price to make it return to equilibrium. This is the same case when the price is above the equilibrium and the shortage in supply leads the monopolist to decrease the supply to return to the profit-maximizing quantity. Therefore the equilibrium is the result of stability. </p> <div class="mw-heading mw-heading3"><h3 id="Example:_Nash_equilibrium">Example: Nash equilibrium</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=5" title="Edit section: Example: Nash equilibrium"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Nash_equilibrium" title="Nash equilibrium">Nash equilibrium</a> and <a href="/wiki/Cournot_model" class="mw-redirect" title="Cournot model">Cournot model</a></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Economics_cournot_diag4.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Economics_cournot_diag4.svg/275px-Economics_cournot_diag4.svg.png" decoding="async" width="275" height="275" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Economics_cournot_diag4.svg/413px-Economics_cournot_diag4.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Economics_cournot_diag4.svg/550px-Economics_cournot_diag4.svg.png 2x" data-file-width="400" data-file-height="400" /></a><figcaption>Equilibrium quantities as a solution to two reaction functions in Cournot duopoly. Firm 1's reaction function q1=R1(q2) gives its optimal output q1 to a given output q2 of firm 2. Likewise, firm 2's reaction function q2=R2(q1). The <i>Cournot-Nash equilibrium</i> occurs where the two reaction functions intersect and both firms are choosing the optimal output given the output of the other firm.</figcaption></figure> <p>The Nash equilibrium is widely used in economics as the main alternative to competitive equilibrium. It is used whenever there is a strategic element to the behavior of agents and the "price taking" assumption of competitive equilibrium is inappropriate. The first use of the Nash equilibrium was in the <a href="/wiki/Cournot_model" class="mw-redirect" title="Cournot model">Cournot duopoly</a> as developed by <a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Antoine Augustin Cournot</a> in his 1838 book.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Both firms produce a homogenous product: given the total amount supplied by the two firms, the (single) industry price is determined using the demand curve. This determines the revenues of each firm (the industry price times the quantity supplied by the firm). The profit of each firm is then this revenue minus the cost of producing the output. Clearly, there is a <i>strategic interdependence</i> between the two firms. If one firm varies its output, this will in turn affect the market price and so the revenue and profits of the other firm. We can define the payoff function which gives the profit of each firm as a function of the two outputs chosen by the firms. Cournot assumed that each firm chooses its own output to maximize its profits given the output of the other firm. The Nash equilibrium occurs when both firms are producing the outputs which maximize their own profit given the output of the other firm. </p><p>In terms of the equilibrium properties, we can see that P2 is satisfied: in a Nash equilibrium, neither firm has an incentive to deviate from the Nash equilibrium given the output of the other firm. P1 is satisfied since the payoff function ensures that the market price is consistent with the outputs supplied and that each firms profits equal revenue minus cost at this output. </p><p>Is the equilibrium stable as required by P3? Cournot himself argued that it was stable using the stability concept implied by <a href="/wiki/Best_response" title="Best response"> best response dynamics</a>. The reaction function for each firm gives the output which maximizes profits (best response) in terms of output for a firm in terms of a given output of the other firm. In the standard Cournot model this is downward sloping: if the other firm produces a higher output, the best response involves producing less. Best response dynamics involves firms starting from some arbitrary position and then adjusting output to their best-response to the previous output of the other firm. So long as the reaction functions have a slope of less than -1, this will converge to the Nash equilibrium. However, this stability story is open to much criticism. As Dixon argues: "<i>The crucial weakness is that, at each step, the firms behave myopically: they choose their output to maximize their current profits given the output of the other firm, but ignore the fact that the process specifies that the other firm will adjust its output</i>...".<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> There are other concepts of stability that have been put forward for the Nash equilibrium, <a href="/wiki/Evolutionarily_stable_strategy" title="Evolutionarily stable strategy">evolutionary stability</a> for example. </p> <div class="mw-heading mw-heading2"><h2 id="Market_clearing_prices">Market clearing prices</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=6" title="Edit section: Market clearing prices"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Most economists, for example <a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a>,<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> caution against attaching a <a href="/wiki/Normative_economics" class="mw-redirect" title="Normative economics">normative</a> meaning (value judgement) to the equilibrium price. For example, food markets may be in equilibrium at the same time that people are starving (because they cannot afford to pay the high equilibrium price). </p><p>Indeed, this occurred during the <a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Great Famine</a> in <a href="/wiki/Ireland" title="Ireland">Ireland</a> in 1845–52, where <a href="/wiki/Great_Famine_(Ireland)#Food_exports_during_Famine" title="Great Famine (Ireland)">food was exported</a> though people were starving, due to the greater profits in selling to the English – the equilibrium price of the Irish-British market for potatoes was above the price that Irish farmers could afford, and thus (among other reasons) they starved.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Interpretations">Interpretations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=7" title="Edit section: Interpretations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In most interpretations, <a href="/wiki/Classical_economics" title="Classical economics">classical economists</a> such as <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a> maintained that the <a href="/wiki/Free_market" title="Free market">free market</a> would tend towards economic equilibrium through the <a href="/wiki/Price_mechanism" title="Price mechanism">price mechanism</a>. That is, any excess supply (market surplus or glut) would lead to <i>price cuts</i>, which decrease the quantity supplied (by reducing the incentive to produce and sell the product) and increase the quantity demanded (by offering consumers bargains), automatically abolishing the glut. Similarly, in an unfettered market, any excess demand (or shortage) would lead to <i>price increases</i>, reducing the quantity demanded (as customers are priced out of the market) and increasing in the quantity supplied (as the incentive to produce and sell a product rises). As before, the disequilibrium (here, the shortage) disappears. This automatic abolition of <a href="/wiki/Market_clearing" title="Market clearing">non-market-clearing</a> situations distinguishes markets from <a href="/wiki/Central_planning" class="mw-redirect" title="Central planning">central planning</a> schemes, which often have a difficult time getting prices right and suffer from persistent shortages of goods and services.<sup id="cite_ref-Smith_8-0" class="reference"><a href="#cite_note-Smith-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>This view came under attack from at least two viewpoints. Modern <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream economics</a> points to cases where equilibrium does not correspond to market clearing (but instead to <a href="/wiki/Unemployment" title="Unemployment">unemployment</a>), as with the <a href="/wiki/Efficiency_wage_hypothesis" class="mw-redirect" title="Efficiency wage hypothesis">efficiency wage hypothesis</a> in <a href="/wiki/Labor_economics" class="mw-redirect" title="Labor economics">labor economics</a>. In some ways parallel is the phenomenon of <a href="/wiki/Credit_rationing" title="Credit rationing">credit rationing</a>, in which banks hold interest rates low to create an excess demand for loans, so they can pick and choose whom to lend to. Further, economic equilibrium can correspond with <a href="/wiki/Monopoly" title="Monopoly">monopoly</a>, where the monopolistic firm maintains an artificial shortage to prop up prices and to maximize profits. Finally, <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian macroeconomics</a> points to <a href="/wiki/Underemployment" title="Underemployment">underemployment equilibrium</a>, where a surplus of labor (i.e., <a href="/wiki/Unemployment#Cyclical_unemployment" title="Unemployment">cyclical unemployment</a>) co-exists for a long time with a shortage of <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Solving_for_the_competitive_equilibrium_price">Solving for the competitive equilibrium price</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=8" title="Edit section: Solving for the competitive equilibrium price"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>To find the equilibrium price, one must either plot the supply and demand curves, or solve for the expressions for supply and demand being equal. </p><p>An example may be: </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\begin{alignedat}{2}Q_{s}&=125+1.5\cdot P\\Q_{d}&=189-2.25\cdot P\\\\Q_{s}&=Q_{d}\\\\125+1.5\cdot P&=189-2.25\cdot P\\(1.5+2.25)\cdot P&=(189-125)\\P&={\frac {189-125}{1.5+2.25}}\\P&={\frac {64}{3.75}}\\P&=17.067\\\end{alignedat}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mtable columnalign="right left right left" rowspacing="3pt" columnspacing="0em 0em 0em 0em" displaystyle="true"> <mtr> <mtd> <msub> <mi>Q</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>s</mi> </mrow> </msub> </mtd> <mtd> <mi></mi> <mo>=</mo> <mn>125</mn> <mo>+</mo> <mn>1.5</mn> <mo>⋅</mo> <mi>P</mi> </mtd> </mtr> <mtr> <mtd> <msub> <mi>Q</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>d</mi> </mrow> </msub> </mtd> <mtd> <mi></mi> <mo>=</mo> <mn>189</mn> <mo>−</mo> <mn>2.25</mn> <mo>⋅</mo> <mi>P</mi> </mtd> </mtr> <mtr> <mtd /> </mtr> <mtr> <mtd> <msub> <mi>Q</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>s</mi> </mrow> </msub> </mtd> <mtd> <mi></mi> <mo>=</mo> <msub> <mi>Q</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>d</mi> </mrow> </msub> </mtd> </mtr> <mtr> <mtd /> </mtr> <mtr> <mtd> <mn>125</mn> <mo>+</mo> <mn>1.5</mn> <mo>⋅</mo> <mi>P</mi> </mtd> <mtd> <mi></mi> <mo>=</mo> <mn>189</mn> <mo>−</mo> <mn>2.25</mn> <mo>⋅</mo> <mi>P</mi> </mtd> </mtr> <mtr> <mtd> <mo stretchy="false">(</mo> <mn>1.5</mn> <mo>+</mo> <mn>2.25</mn> <mo stretchy="false">)</mo> <mo>⋅</mo> <mi>P</mi> </mtd> <mtd> <mi></mi> <mo>=</mo> <mo stretchy="false">(</mo> <mn>189</mn> <mo>−</mo> <mn>125</mn> <mo stretchy="false">)</mo> </mtd> </mtr> <mtr> <mtd> <mi>P</mi> </mtd> <mtd> <mi></mi> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mn>189</mn> <mo>−</mo> <mn>125</mn> </mrow> <mrow> <mn>1.5</mn> <mo>+</mo> <mn>2.25</mn> </mrow> </mfrac> </mrow> </mtd> </mtr> <mtr> <mtd> <mi>P</mi> </mtd> <mtd> <mi></mi> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mn>64</mn> <mn>3.75</mn> </mfrac> </mrow> </mtd> </mtr> <mtr> <mtd> <mi>P</mi> </mtd> <mtd> <mi></mi> <mo>=</mo> <mn>17.067</mn> </mtd> </mtr> </mtable> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\begin{alignedat}{2}Q_{s}&=125+1.5\cdot P\\Q_{d}&=189-2.25\cdot P\\\\Q_{s}&=Q_{d}\\\\125+1.5\cdot P&=189-2.25\cdot P\\(1.5+2.25)\cdot P&=(189-125)\\P&={\frac {189-125}{1.5+2.25}}\\P&={\frac {64}{3.75}}\\P&=17.067\\\end{alignedat}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/1cf29d90b446576bb6fbf7863696e4940a98138f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -17.005ex; width:32.917ex; height:35.176ex;" alt="{\displaystyle {\begin{alignedat}{2}Q_{s}&=125+1.5\cdot P\\Q_{d}&=189-2.25\cdot P\\\\Q_{s}&=Q_{d}\\\\125+1.5\cdot P&=189-2.25\cdot P\\(1.5+2.25)\cdot P&=(189-125)\\P&={\frac {189-125}{1.5+2.25}}\\P&={\frac {64}{3.75}}\\P&=17.067\\\end{alignedat}}}"></span></dd></dl> <figure class="mw-halign-right" typeof="mw:File"><a href="/wiki/File:Simple_supply_and_demand.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f2/Simple_supply_and_demand.svg/250px-Simple_supply_and_demand.svg.png" decoding="async" width="250" height="198" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f2/Simple_supply_and_demand.svg/375px-Simple_supply_and_demand.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f2/Simple_supply_and_demand.svg/500px-Simple_supply_and_demand.svg.png 2x" data-file-width="629" data-file-height="497" /></a><figcaption></figcaption></figure> <p>In the diagram, depicting simple set of supply and demand curves, the quantity demanded and supplied at price <b>P</b> are equal. </p><p>At any price above <b>P</b> supply exceeds demand, while at a price below <b>P</b> the quantity demanded exceeds that supplied. In other words, prices where demand and supply are out of balance are termed points of disequilibrium, creating shortages and oversupply. Changes in the conditions of demand or supply will shift the demand or supply curves. This will cause changes in the equilibrium price and quantity in the market. </p><p>Consider the following demand and supply schedule: </p> <table class="wikitable"> <tbody><tr> <th>Price ($)</th> <th>Demand</th> <th>Supply </th></tr> <tr> <td align="right">8.00</td> <td align="right">6,000</td> <td align="right">18,000 </td></tr> <tr> <td align="right">7.00</td> <td align="right">8,000</td> <td align="right">16,000 </td></tr> <tr> <td align="right">6.00</td> <td align="right">10,000</td> <td align="right">14,000 </td></tr> <tr> <td align="right">5.00</td> <td align="right">12,000</td> <td align="right">12,000 </td></tr> <tr> <td align="right">4.00</td> <td align="right">14,000</td> <td align="right">10,000 </td></tr> <tr> <td align="right">3.00</td> <td align="right">16,000</td> <td align="right">8,000 </td></tr> <tr> <td align="right">2.00</td> <td align="right">18,000</td> <td align="right">6,000 </td></tr> <tr> <td align="right">1.00</td> <td align="right">20,000</td> <td align="right">4,000 </td></tr></tbody></table> <ul><li>The equilibrium price in the market is $5.00 where demand and supply are equal at 12,000 units</li> <li>If the current market price was $3.00 – there would be excess demand for 8,000 units, creating a shortage.</li> <li>If the current market price was $8.00 – there would be excess supply of 12,000 units.</li></ul> <p>When there is a shortage in the market we see that, to correct this disequilibrium, the price of the good will be increased back to a price of $5.00, thus lessening the quantity demanded and increasing the quantity supplied thus that the market is in balance. </p><p>When there is an oversupply of a good, such as when price is above $6.00, then we see that producers will decrease the price to increase the quantity demanded for the good, thus eliminating the excess and taking the market back to equilibrium. </p> <div class="mw-heading mw-heading3"><h3 id="Influences_changing_price">Influences changing price</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=9" title="Edit section: Influences changing price"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A change in equilibrium price may occur through a change in either the supply or demand schedules. For instance, starting from the above supply-demand configuration, an increased level of <a href="/wiki/Disposable_income" title="Disposable income">disposable income</a> may produce a new demand schedule, such as the following: </p> <table class="wikitable"> <tbody><tr> <th>Price ($)</th> <th>Demand</th> <th>Supply </th></tr> <tr> <td align="right">8.00</td> <td align="right">10,000</td> <td align="right">18,000 </td></tr> <tr> <td align="right">7.00</td> <td align="right">12,000</td> <td align="right">16,000 </td></tr> <tr> <td align="right">6.00</td> <td align="right">14,000</td> <td align="right">14,000 </td></tr> <tr> <td align="right">5.00</td> <td align="right">16,000</td> <td align="right">12,000 </td></tr> <tr> <td align="right">4.00</td> <td align="right">18,000</td> <td align="right">10,000 </td></tr> <tr> <td align="right">3.00</td> <td align="right">20,000</td> <td align="right">8,000 </td></tr> <tr> <td align="right">2.00</td> <td align="right">22,000</td> <td align="right">6,000 </td></tr> <tr> <td align="right">1.00</td> <td align="right">24,000</td> <td align="right">4,000 </td></tr></tbody></table> <p>Here we see that an increase in disposable income would increase the quantity demanded of the good by 2,000 units at each price. This increase in demand would have the effect of shifting the demand curve rightward. The result is a change in the price at which quantity supplied equals quantity demanded. In this case we see that the two now equal each other at an increased price of $6.00. A decrease in disposable income would have the exact opposite effect on the market equilibrium. </p><p>We will also see similar behaviour in price when there is a change in the supply schedule, occurring through technological changes, or through changes in business costs. An increase in technological usage or know-how or a decrease in costs would have the effect of increasing the quantity supplied at each price, thus reducing the equilibrium price. On the other hand, a decrease in technology or increase in business costs will decrease the quantity supplied at each price, thus increasing equilibrium price. </p><p>The process of comparing two static equilibria to each other, as in the above example, is known as <a href="/wiki/Comparative_statics" title="Comparative statics">comparative statics</a>. For example, since a rise in consumers' income leads to a higher price (and a decline in consumers' income leads to a fall in the price — in each case the two things change in the same direction), we say that the comparative static effect of consumer income on the price is positive. This is another way of saying that the <a href="/wiki/Total_derivative" title="Total derivative">total derivative</a> of price with respect to consumer income is greater than zero. </p> <div class="mw-heading mw-heading2"><h2 id="Dynamic_equilibrium">Dynamic equilibrium</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=10" title="Edit section: Dynamic equilibrium"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Whereas in a static equilibrium all quantities have unchanging values, in a dynamic equilibrium various quantities may all be growing at the same rate, leaving their ratios unchanging. For example, in the <a href="/wiki/Exogenous_growth_model" class="mw-redirect" title="Exogenous growth model">neoclassical growth model</a>, the working population is growing at a rate which is exogenous (determined outside the model, by non-economic forces). In dynamic equilibrium, output and the <a href="/wiki/Physical_capital" title="Physical capital">physical capital</a> stock also grow at that same rate, with <a href="/wiki/Gross_domestic_product" title="Gross domestic product">output</a> per worker and the capital stock per worker unchanging. Similarly, in models of <a href="/wiki/Inflation" title="Inflation">inflation</a> a dynamic equilibrium would involve the <a href="/wiki/Price_level" title="Price level">price level</a>, the nominal <a href="/wiki/Money_supply" title="Money supply">money supply</a>, nominal <a href="/wiki/Wage" title="Wage">wage rates</a>, and all other <a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">nominal values</a> growing at a single common rate, while all <a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">real values</a> are unchanging, as is the <a href="/wiki/Inflation_rate" class="mw-redirect" title="Inflation rate">inflation rate</a>.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>The process of comparing two dynamic equilibria to each other is known as <b>comparative dynamics</b>. For example, in the neoclassical growth model, starting from one dynamic equilibrium based in part on one particular saving rate, a permanent increase in the saving rate leads to a new dynamic equilibrium in which there are permanently higher capital per worker and productivity per worker, but an unchanged growth rate of output; so it is said that in this model the comparative dynamic effect of the saving rate on capital per worker is positive but the comparative dynamic effect of the saving rate on the output growth rate is zero. </p> <div class="mw-heading mw-heading2"><h2 id="Disequilibrium">Disequilibrium</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=11" title="Edit section: Disequilibrium"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Disequilibrium_macroeconomics#Specific_economic_sectors" title="Disequilibrium macroeconomics">Disequilibrium macroeconomics § Specific economic sectors</a></div> <p><b>Disequilibrium</b> characterizes a market that is not in equilibrium.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Disequilibrium can occur extremely briefly or over an extended period of time. At the other extreme, many economists view <a href="/wiki/Labor_market" class="mw-redirect" title="Labor market">labor markets</a> as being in a state of disequilibrium—specifically one of excess supply—over extended periods of time. Goods markets are somewhere in between: prices of some goods, while sluggish in adjusting due to <a href="/wiki/Menu_costs" class="mw-redirect" title="Menu costs">menu costs</a>, long-term contracts, and other impediments, do not stay at disequilibrium levels indefinitely. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=12" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Exchange_value" title="Exchange value">Exchange value</a></li> <li><a href="/wiki/Labor_theory_of_value" title="Labor theory of value">Labor theory of value</a></li> <li><a href="/wiki/Law_of_value" title="Law of value">Law of value</a></li> <li><a href="/wiki/Prices_of_production" title="Prices of production">Prices of production</a></li> <li><a href="/wiki/Real_prices_and_ideal_prices" title="Real prices and ideal prices">Real prices and ideal prices</a></li> <li><a href="/wiki/Asset_pricing#General_equilibrium_asset_pricing" title="Asset pricing">Asset pricing#General equilibrium asset pricing</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=13" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFVarian1992" class="citation book cs1"><a href="/wiki/Hal_Varian" title="Hal Varian">Varian, Hal R.</a> (1992). <a rel="nofollow" class="external text" href="https://archive.org/details/microeconomicana00vari_0"><i>Microeconomic Analysis</i></a> (Third ed.). New York: Norton. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-393-95735-7" title="Special:BookSources/0-393-95735-7"><bdi>0-393-95735-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Microeconomic+Analysis&rft.place=New+York&rft.edition=Third&rft.pub=Norton&rft.date=1992&rft.isbn=0-393-95735-7&rft.aulast=Varian&rft.aufirst=Hal+R.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmicroeconomicana00vari_0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+equilibrium" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDixon1990" class="citation book cs1">Dixon, H. (1990). <a rel="nofollow" class="external text" href="https://archive.org/details/foundationsofeco0000unse/page/356">"Equilibrium and Explanation"</a>. In Creedy (ed.). <i>The Foundations of Economic Thought</i>. Blackwells. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/foundationsofeco0000unse/page/356">356–394</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-631-15642-9" title="Special:BookSources/0-631-15642-9"><bdi>0-631-15642-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Equilibrium+and+Explanation&rft.btitle=The+Foundations+of+Economic+Thought&rft.pages=356-394&rft.pub=Blackwells&rft.date=1990&rft.isbn=0-631-15642-9&rft.aulast=Dixon&rft.aufirst=H.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Ffoundationsofeco0000unse%2Fpage%2F356&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+equilibrium" class="Z3988"></span> (reprinted in Surfing Economics).</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/21449306/">Finding the sweet spot: how to get the right staffing for variable workloads</a> Bryce, Christensen; <i>Healthcare Financial Management</i> 2011 Mar;65(3):54-60</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Augustin Cournot (1838), Theorie mathematique de la richesse sociale and of recherches sur les principles mathematiques de la theorie des richesses, Paris</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">Dixon (1990), page 369.</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">Paul A. Samuelson (1947; Expanded ed. 1983), <i><a href="/wiki/Foundations_of_Economic_Analysis" title="Foundations of Economic Analysis">Foundations of Economic Analysis</a></i> <sup class="reference nowrap"><span title="Page / location: Ch.3, p.52">: Ch.3, p.52 </span></sup>, Harvard University Press. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-674-31301-1" title="Special:BookSources/0-674-31301-1">0-674-31301-1</a></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">See citations at <a href="/wiki/Great_Famine_(Ireland)#Food_exports_during_Famine" title="Great Famine (Ireland)">Great Famine (Ireland): Food exports to England</a>, including Cecil Woodham-Smith <i>The Great Hunger; Ireland 1845–1849,</i> and Christine Kinealy, 'Irish Famine: This Great Calamity<i> and </i>A Death-Dealing Famine'</span> </li> <li id="cite_note-Smith-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-Smith_8-0">^</a></b></span> <span class="reference-text">Smith, Adam (1776), <a rel="nofollow" class="external text" href="http://www2.hn.psu.edu/faculty/jmanis/adam-smith/Wealth-Nations.pdf">Wealth of Nations</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131020042323/http://www2.hn.psu.edu/faculty/jmanis/adam-smith/Wealth-Nations.pdf">Archived</a> 2013-10-20 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Penn State Electronic Classics edition, republished 2005, Chapter 7: p.51-58</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTurnovsky2000" class="citation book cs1"><a href="/wiki/Stephen_J._Turnovsky" title="Stephen J. Turnovsky">Turnovsky, Stephen J.</a> (2000). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/methodsofmacroec0002turn"><i>Methods of Macroeconomic Dynamics</i></a></span>. MIT Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-262-20123-2" title="Special:BookSources/0-262-20123-2"><bdi>0-262-20123-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Methods+of+Macroeconomic+Dynamics&rft.pub=MIT+Press&rft.date=2000&rft.isbn=0-262-20123-2&rft.aulast=Turnovsky&rft.aufirst=Stephen+J.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmethodsofmacroec0002turn&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+equilibrium" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFO'SullivanSheffrin2003" class="citation book cs1"><a href="/wiki/Arthur_O%27Sullivan_(economist)" title="Arthur O'Sullivan (economist)">O'Sullivan, Arthur</a>; Sheffrin, Steven M. (2003). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.org/details/economicsprincip00osul"><i>Economics: Principles in Action</i></a></span>. Upper Saddle River, New Jersey: Pearson Prentice Hall. p. <a rel="nofollow" class="external text" href="https://archive.org/details/economicsprincip00osul/page/n566">550</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-13-063085-3" title="Special:BookSources/0-13-063085-3"><bdi>0-13-063085-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics%3A+Principles+in+Action&rft.place=Upper+Saddle+River%2C+New+Jersey&rft.pages=550&rft.pub=Pearson+Prentice+Hall&rft.date=2003&rft.isbn=0-13-063085-3&rft.aulast=O%27Sullivan&rft.aufirst=Arthur&rft.au=Sheffrin%2C+Steven+M.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Feconomicsprincip00osul&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+equilibrium" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_equilibrium&action=edit&section=14" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://huwdixon.org/SurfingEconomics/chapter2.pdf">Equilibrium and Explanation</a>, chapter 2 of <a rel="nofollow" class="external text" href="http://huwdixon.org/SurfingEconomics/index.html">Surfing Economics</a> by <a href="/wiki/Huw_Dixon" title="Huw Dixon">Huw Dixon</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output 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.navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Microeconomics" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Microeconomics" title="Template:Microeconomics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Microeconomics" title="Template talk:Microeconomics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Microeconomics" title="Special:EditPage/Template:Microeconomics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Microeconomics" style="font-size:114%;margin:0 4em"><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Major topics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aggregation_problem" title="Aggregation problem">Aggregation</a></li> <li><a href="/wiki/Budget_set" title="Budget set">Budget set</a></li> <li><a href="/wiki/Consumer_choice" title="Consumer choice">Consumer choice</a></li> <li><a href="/wiki/Convexity_in_economics" title="Convexity in economics">Convexity</a> and <a href="/wiki/Non-convexity_(economics)" title="Non-convexity (economics)">non-convexity</a></li> <li><a href="/wiki/Economic_cost" title="Economic cost">Cost</a> <ul><li><a href="/wiki/Average_cost" title="Average cost">Average</a></li> <li><a href="/wiki/Marginal_cost" title="Marginal cost">Marginal</a></li> <li><a href="/wiki/Opportunity_cost" title="Opportunity cost">Opportunity</a> <ul><li><a href="/wiki/Implicit_cost" title="Implicit cost">Implicit</a></li></ul></li> <li><a href="/wiki/Social_cost" title="Social cost">Social</a></li> <li><a href="/wiki/Sunk_cost" title="Sunk cost">Sunk</a></li> <li><a href="/wiki/Transaction_cost" title="Transaction cost">Transaction</a></li></ul></li> <li><a href="/wiki/Cost%E2%80%93benefit_analysis" title="Cost–benefit analysis">Cost–benefit analysis</a></li> <li><a href="/wiki/Deadweight_loss" title="Deadweight loss">Deadweight loss</a></li> <li><a href="/wiki/Distribution_(economics)" title="Distribution (economics)">Distribution</a></li> <li><a href="/wiki/Economies_of_scale" title="Economies of scale">Economies of scale</a></li> <li><a href="/wiki/Economies_of_scope" title="Economies of scope">Economies of scope</a></li> <li><a href="/wiki/Elasticity_(economics)" title="Elasticity (economics)">Elasticity</a> <ul><li><a href="/wiki/Cross_elasticity_of_demand" title="Cross elasticity of demand">Cross elasticity of demand</a></li> <li><a href="/wiki/Income_elasticity_of_demand" title="Income elasticity of demand">Income elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_demand" title="Price elasticity of demand">Price elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_supply" title="Price elasticity of supply">Price elasticity of supply</a></li></ul></li> <li><a class="mw-selflink selflink">Equilibrium</a> <ul><li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General</a></li></ul></li> <li><a href="/wiki/Trade" title="Trade">Exchange</a></li> <li><a href="/wiki/Externality" title="Externality">Externality</a></li> <li><a href="/wiki/Theory_of_the_firm" title="Theory of the firm">Firms</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a> <ul><li><a href="/wiki/Goods" title="Goods">Goods</a></li> <li><a href="/wiki/Service_(economics)" title="Service (economics)">Service</a></li></ul></li> <li><a href="/wiki/Family_economics" title="Family economics">Household</a></li> <li><a href="/wiki/Income%E2%80%93consumption_curve" title="Income–consumption curve">Income–consumption curve</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Indifference_curve" title="Indifference curve">Indifference curve</a></li> <li><a href="/wiki/Intertemporal_choice" title="Intertemporal choice">Intertemporal choice</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/Market_failure" title="Market failure">Market failure</a></li> <li><a href="/wiki/Market_structure" title="Market structure">Market structure</a> <ul><li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competition</a> <ul><li><a href="/wiki/Monopolistic_competition" title="Monopolistic competition">Monopolistic</a></li> <li><a href="/wiki/Perfect_competition" title="Perfect competition">Perfect</a></li></ul></li> <li><a href="/wiki/Duopoly" title="Duopoly">Duopoly</a></li> <li><a href="/wiki/Monopoly" title="Monopoly">Monopoly</a> <ul><li><a href="/wiki/Bilateral_monopoly" title="Bilateral monopoly">Bilateral</a></li> <li><a href="/wiki/Complementary_monopoly" title="Complementary monopoly">Complementary</a></li></ul></li> <li><a href="/wiki/Monopsony" title="Monopsony">Monopsony</a></li> <li><a href="/wiki/Oligopoly" title="Oligopoly">Oligopoly</a></li> <li><a href="/wiki/Oligopsony" title="Oligopsony">Oligopsony</a></li></ul></li> <li><a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li> <li><a href="/wiki/Preference_(economics)" title="Preference (economics)">Preferences</a></li> <li><a href="/wiki/Price" title="Price">Price</a> <ul><li><a href="/wiki/Price_controls" title="Price controls">Price controls</a></li> <li><a href="/wiki/Price_ceiling" title="Price ceiling">Price ceiling</a></li> <li><a href="/wiki/Price_floor" title="Price floor">Price floor</a></li> <li><a href="/wiki/Price_discrimination" title="Price discrimination">Price discrimination</a></li> <li><a href="/wiki/Price_signal" title="Price signal">Price signal</a></li> <li><a href="/wiki/Price_system" title="Price system">Price system</a>/<a href="/wiki/Free_price_system" title="Free price system">Free</a></li> <li><a href="/wiki/Pricing" title="Pricing">Pricing</a></li></ul></li> <li><a href="/wiki/Production_set" title="Production set">Production</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Public_good_(economics)" title="Public good (economics)">Public goods</a></li> <li><a href="/wiki/Rationing" title="Rationing">Rationing</a></li> <li><a href="/wiki/Economic_rent" title="Economic rent">Rent</a></li> <li><a href="/wiki/Returns_to_scale" title="Returns to scale">Returns to scale</a></li> <li><a href="/wiki/Risk_aversion" title="Risk aversion">Risk aversion</a></li> <li><a href="/wiki/Scarcity" title="Scarcity">Scarcity</a></li> <li><a href="/wiki/Shortage" title="Shortage">Shortage</a>/<a href="/wiki/Excess_supply" title="Excess supply">Excess supply</a></li> <li><a href="/wiki/Substitution_effect" title="Substitution effect">Substitution effect</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Surplus</a></li> <li><a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a> <ul><li><a href="/wiki/Demand" title="Demand">Demand</a>/<a href="/wiki/Law_of_demand" title="Law of demand">Law of demand</a></li> <li><a href="/wiki/Supply_(economics)" title="Supply (economics)">Supply</a>/<a href="/wiki/Law_of_supply" title="Law of supply">Law of supply</a></li></ul></li> <li><a href="/wiki/Uncertainty" title="Uncertainty">Uncertainty</a></li> <li><a href="/wiki/Utility" title="Utility">Utility</a> <ul><li><a href="/wiki/Expected_utility_hypothesis" title="Expected utility hypothesis">Expected</a></li> <li><a href="/wiki/Marginal_utility" title="Marginal utility">Marginal</a></li></ul></li> <li><a href="/wiki/Wage" title="Wage">Wage</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Subfields</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Statistical_decision_theory" class="mw-redirect" title="Statistical decision theory">Statistical decision theory</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering economics</a></li> <li><a href="/wiki/Engineering_economics_(civil_engineering)" title="Engineering economics (civil engineering)">Civil engineering economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Green_economy" title="Green economy">Green</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labor</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations of macroeconomics</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Mathematical_optimization" title="Mathematical optimization">Optimization</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Microeconomics" title="Category:Microeconomics">Category</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Population" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Population" title="Template:Population"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Population" title="Template talk:Population"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Population" title="Special:EditPage/Template:Population"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Population" style="font-size:114%;margin:0 4em"><a href="/wiki/Population" title="Population">Population</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Major topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Demographics_of_the_world" title="Demographics of the world">Demographics of the world</a></li> <li><a href="/wiki/Demographic_transition" title="Demographic transition">Demographic transition</a></li> <li><a href="/wiki/Estimates_of_historical_world_population" title="Estimates of historical world population">Estimates of historical world population</a></li> <li><a href="/wiki/Population_growth" title="Population growth">Population growth</a></li> <li><a href="/wiki/Population_momentum" title="Population momentum">Population momentum</a></li> <li><a href="/wiki/Projections_of_population_growth" class="mw-redirect" title="Projections of population growth">Projections of population growth</a></li> <li><a href="/wiki/World_population" title="World population">World population</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Population_biology" title="Population biology">Population<br />biology</a></div></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_decline" title="Population decline">Population decline</a></li> <li><a href="/wiki/Population_density" title="Population density">Population density</a> <ul><li><a href="/wiki/Physiological_density" title="Physiological density">Physiological density</a></li></ul></li> <li><a href="/wiki/Population_dynamics" title="Population dynamics">Population dynamics</a></li> <li><a href="/wiki/Population_model" title="Population model">Population model</a></li> <li><a href="/wiki/Population_pyramid" title="Population pyramid">Population pyramid</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Population_ecology" title="Population ecology">Population<br />ecology</a></div></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Biocapacity" title="Biocapacity">Biocapacity</a></li> <li><a href="/wiki/Carrying_capacity" title="Carrying capacity">Carrying capacity</a></li> <li><span class="nowrap"><a href="/wiki/I_%3D_PAT" title="I = PAT">I = P × A × T</a></span></li> <li><a href="/wiki/Kaya_identity" title="Kaya identity">Kaya identity</a></li> <li><a href="/wiki/Malthusian_growth_model" title="Malthusian growth model">Malthusian growth model</a></li> <li><a href="/wiki/Overshoot_(population)" title="Overshoot (population)">Overshoot (population)</a></li> <li><a href="/wiki/World3" title="World3">World3 model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Society and<br /> population</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Eugenics" title="Eugenics">Eugenics</a></li> <li><a href="/wiki/Dysgenics" title="Dysgenics"><i>Dys</i>genics</a></li> <li><a href="/wiki/Human_overpopulation" title="Human overpopulation">Human overpopulation</a> <ul><li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusian catastrophe</a></li></ul></li> <li><a href="/wiki/Human_population_planning" title="Human population planning">Human population planning</a> <ul><li><a href="/wiki/Compulsory_sterilization" title="Compulsory sterilization">Compulsory sterilization</a></li> <li><a href="/wiki/Family_planning" title="Family planning">Family planning</a></li> <li><a href="/wiki/One-child_policy" title="One-child policy">One-child policy</a></li> <li><a href="/wiki/Two-child_policy" title="Two-child policy">Two-child policy</a></li></ul></li> <li><a href="/wiki/Overconsumption_(economics)" title="Overconsumption (economics)">Overconsumption</a></li> <li><a href="/wiki/Political_demography" title="Political demography">Political demography</a></li> <li><a href="/wiki/Population_ethics" title="Population ethics">Population ethics</a> <ul><li><a href="/wiki/Antinatalism" title="Antinatalism">Antinatalism</a></li> <li><a href="/wiki/Mere_addition_paradox" title="Mere addition paradox">Mere addition paradox</a></li> <li><a href="/wiki/Natalism" title="Natalism">Natalism</a></li> <li><a href="/wiki/Non-identity_problem" class="mw-redirect" title="Non-identity problem">Non-identity problem</a></li> <li><a href="/wiki/Reproductive_rights" title="Reproductive rights">Reproductive rights</a></li></ul></li> <li><a href="/wiki/Sustainable_population" title="Sustainable population">Sustainable population</a></li> <li><a href="/wiki/Zero_population_growth" title="Zero population growth">Zero population growth</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Publications</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0;font-style:italic;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_and_Environment" title="Population and Environment">Population and Environment</a></li> <li><a href="/wiki/Population_and_Development_Review" title="Population and Development Review">Population and Development Review</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_and_housing_censuses_by_country" title="Population and housing censuses by country">Population and housing censuses by country</a></li> <li><a href="/wiki/List_of_largest_cities" title="List of largest cities">Largest cities</a></li> <li><a href="/wiki/World_population_milestones" title="World population milestones">World population milestones</a> <ul><li><a href="/wiki/Day_of_Six_Billion" title="Day of Six Billion">6 billion</a></li> <li><a href="/wiki/Day_of_Seven_Billion" title="Day of Seven Billion">7</a></li> <li><a href="/wiki/Day_of_Eight_Billion" title="Day of Eight Billion">8</a></li></ul></li> <li><a href="/wiki/List_of_population_concern_organizations" title="List of population concern organizations">Population concern organizations</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Events and<br />organizations</div></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/7_Billion_Actions" title="7 Billion Actions">7 Billion Actions</a></li> <li><a href="/wiki/Church_of_Euthanasia" title="Church of 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