Why do we need to study market demand, market supply and market equilibrium?
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Why do we need to study market demand, market supply and market equilibrium?
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Explanation:
Key Takeaways. Supply and demand are both important for the economy because they impact the prices of consumer goods and services within an economy. According to market economy theory, the relationship between supply and demand balances out at a point in the future; this point is called the equilibrium price.