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date: 03 December 2021


A Dictionary of Economics

Nigar Hashimzade,

Gareth Myles,

John Black

An equilibrium can be defined either as a position of balance in the economy or, equivalently, as a situation in which no agent in the economy has any incentive to modify their chosen strategy. The first definition is derived from the perspective of equilibrium occurring when the forces of supply are balanced by the forces of demand. The second definition derives from the theory of games and is illustrated by the equilibrium of an oligopolistic market in which all firms are satisfied with their choice of output level given the choices of their rivals. Proving the ... ...

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