| Title | Equilibrium Price and Australian Lobsters |
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| URL | https://innfopedia.com/economics-of-equilibrium-price/ |
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| Category | Finance and Money --> Accounting and Planning |
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| Meta Keywords | Equilibrium price, US Financial, financial crisis |
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| Meta Description | Economics of equilibrium price is beautiful, perhaps because good quality lobsters are being sold in Australian market for as low as $33 a piece instead of its normal price of $48, or $65-95 a kilo. |
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| Owner | asim |
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| Description |
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| The relationship between demand and supply of goods and services is considered as the backbone of economics, mainly because it is used to determine the equilibrium price.
For the purpose of explaining the principle of market equilibrium leading to the determination of equilibrium price and equilibrium quantity, the discussion would use an actual market phenomenon of reduction in Australian lobster prices as a result of COVID-19, during the first quarter of 2020. |
