Examlex
How is social change understood through "equilibrium theory"? Discuss the criticisms of this theory.
Equilibrium
An economic situation in which no individual would be better off doing something different.
Perfectly Inelastic
A situation where the demand or supply for a good is completely unresponsive to changes in price.
Deadweight Loss
A loss of economic efficiency that can occur when the optimal allocation of resources is not achieved, often due to market failures or government interventions.
Equilibrium Quantity
The quantity of goods or services that is supplied and demanded at the equilibrium price.
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