In the Long Run, Will the Market Price for a Good/service

question 88

Essay

In the long run, will the market price for a good/service always equal the equilibrium price? Explain why or why not.

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Definitions:

Implications

The possible effects or results of an action or decision, especially those that are unintended or indirect.

Backlash

A strong and negative reaction against a social or political change, often aimed at reasserting traditional norms and values.

Concept

An abstract idea or a mental symbol that represents a thing, category, or quality, forming the basis of human knowledge and understanding.

Internalize

The process by which individuals absorb and integrate the values, norms, and beliefs of their society into their own consciousness.