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Define Equilibrium as It Relates to Markets

question 101

Essay

Define equilibrium as it relates to markets. Describe the process by which a market reaches a new equilibrium. Include an appropriate diagram.


Definitions:

Convergent Validity

The degree to which two measures of constructs that theoretically should be related, are in fact related.

Intercoder Reliability

The degree of agreement among independent observers or coders who rate, classify, or categorize the same phenomenon.

Test-Retest Reliability

The consistency of a test's results over time when the same participants take the same test again under similar conditions.

Thematic Apperception Test

A projective psychological test designed to reveal a person's social drives or needs by their interpretation of a series of pictures of emotionally ambiguous situations.

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