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Sagot :
The firms in the market produce an inferior good would an increase in demand lead to a lower long-run equilibrium price.
When supply and demand are balanced and the values of economic variables remain stable in the absence of external influences, this situation is referred to as an economic equilibrium. In the traditional text on perfect competition, equilibrium, for instance, occurs when the quantity demanded and the quantity provided are equal. The market is considered to be in equilibrium when a market price is established through competition and the amount of goods or services requested by buyers and the amount of goods or services delivered by sellers are equal. The price is commonly referred to as the competitive price or market clearing price, while the quantity is known as the "competitive quantity" or market clearing quantity. It usually doesn't alter unless supply or demand shifts.
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