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The determination of equilibrium price, which is also referred to as market clearing price, is the central theme in microeconomic studies. This is the reason why economists also call microeconomic theory as price theory. In terms of market economics, equilibrium is a condition in which the supply and demand of a product are equal or very close to each other, thereby stabilizing the price of that product. It can be also understood as the point at which the quantity of the product that the producer wants to sell meets the quantity that consumers want to buy. It is therefore the point at which the seller and the buyers agree with each other in terms of their economic requirements from the product. It is generally seen that when a product is in over-supply, its prices go down which then results in an increase in demand, and vice versa.
In simple terms, a market is said to have achieved the state of equilibrium when the demand matches supply. Thus the state of equilibrium results from the balancing effect of demand and supply. When demand and supply are in equilibrium, the price of the product is at its optimum level desired by both the seller and consumers and hence called the equilibrium price. As the equilibrium price solves the purpose for both parties, they do not want the price of the product to shift away from it. The equilibrium price is calculated by first determining the demand and supply functions as equal to each other and then solving for the price. On a graph, it is represented by the point where the demand and supply curves intersect.
There are three main characteristics that market equilibrium displays:
1. Consistency in the behavior of agents (factors)
2. Lack of incentive or reasons for those agents to change their behavior
3. The presence of a dynamic process which regulates the equilibrium outcomes
It must be said here that even though prices may be inclined toward it, in the real world, markets hardy ever achieve perfect equilibrium. Also, in his 1983 work titled “Foundations of Economic Analysis”, noted economist Paul Samuelson argued that from a normative perspective, equilibrium is not necessarily an ideal or desirable market condition. He added that making a judgment about the market on the basis of equilibrium could be a mistake leading to incorrect inferences.
Related to this is the concept of disequilibrium which is the opposite of the state of equilibrium.
Simply put, when markets are not in equilibrium, they are in disequilibrium, i.e., demand and supply do not match each other. This situation occurs when the internal and/or external agents act in way that prevents the market to achieve equilibrium or makes it fall out of it. It can happen suddenly in stable markets or occur as an inherent characteristic of specific, unstable markets. In certain cases, disequilibrium in one market can also lead to disequilibrium in another market. For instance, a lack of transport companies to ship coffee to an international market can lead to a reduction in its supply in an overseas market, thus disturbing the equilibrium of the coffee market. Importantly, many labor markets are viewed by economists as being in a state of constant disequilibrium due the impact of legislation and policy related to the job protection compensation of employees.
It has already been said that sellers and consumers do not want the equilibrium price to change as it serves the best of their interests. When both these parties resist it, a change in equilibrium price can occur only when certain market factors effect a change in both demand and supply. When the change is seen in only one of these, it is dealt with aggressively by self-adjusting mechanisms of the market. With an increase in the price of a product due to an increase in demand, sellers crowd the market to make the best of the opportunity to make higher profits, thus creating a situation of excess supply. This excessive supply in turn leads to a situation in which the market is flooded with surplus supply of that product. Now, a situation is created where sellers are forced to reduce the price of the product in order to sell the surplus quantity. Ultimately, the price continues to fall further till it reaches equilibrium price. On the other hand, when the price of the product decreases, consumers want to make the most of the opportunity to buy the product at a lower price, creating a situation of excess demand. Consequently as consumers compete with each other to buy more of the product, its price starts rising again till it regains the equilibrium. The supply and demand schedules of the product describe these self-adjusting market mechanisms that resist changes to the equilibrium price.
Economic Efficiency refers to the efficiency in the economic model of demand and supply has a very generic meaning: the economy is able to draw the maximum possible benefit from the scarce resources and it is making the maximum amount of gains from trade activities. The equilibrium between price and demand is essential to the creation of a balanced and efficient market. When the market has achieved this equilibrium, there is no reason for it to shift away in any direction simply because it balances the relationship between quantity demanded and quantity demanded. In contrast, when the market is in disequilibrium, economic factors start playing in a way which pushes the market towards the state of equilibrium price and quantity (both demand and supply) as described in the previous section. Balancing through the market forces happens either because of excessive demand or excessive supply. The balance thus achieved is an inherent function of a competitive, free-market economy. A competitive market functioning at the equilibrium is also called an efficient market. According to proponents of the microeconomic theory, efficiency of the market is achieved only when it becomes inevitable to impose a cost on one party in order to improve the situation for the other. Conversely, when a market is inefficient, it becomes possible to benefit at least one of the parties without having to impose a cost on the others.
Economic Equilibrium: It largely refers to any situation within the economy where all the market forces are in balance. Such balance can be with regard to existing prices for which the current demand is equal to supply. Economic equilibrium can however, also be caused by the existing interest rates, employment levels, and other factors.
Competitive Equilibrium: The process of competition in the market is the main determinant of equilibrium price. Competition can be among the sellers to sell their products at the lowest possible price and among the consumers to grab the best possible deals.
General Equilibrium: It is achieved upon considering the combined effect of forces at play at the macroeconomic level rather than the microeconomic forces that exist in individual markets. The theory of general equilibrium is fundamental to Walrasian economics which states that excess supply in one market must be responded to by excess demand in another market to balance each other out. Thus, Walrasian economics asserts that when all other markets are in equilibrium, the one under observation must also be in equilibrium.
Lindahl Equilibrium: It is a unique scenario in which at least theoretically, public goods are produced in an optimal amount, the cost of which is shared proportionately by everyone in the market. The Lindahl equilibrium is used to describe an ideal but hardly achievable situation that should exist in the market. Most importantly, it is an essential part of welfare economics used in the designing of tax policy.
Inter-Temporal Equilibrium: Given the fact that prices are bound to fluctuate around the equilibrium level, it is important to study the inter-temporal equilibrium which is the effect of price swings over a period of time in order to be prepared to face the fluctuations. The concept of inter-temporal equilibrium is also important to gain an understanding of how households and firms create their budget so they can keep spending smoothly over a longer period of time.
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