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Final answer:
Equilibrium in economics is the balance between demand and supply, impacting price and quantity. Changes in supply and demand determinants can modify the equilibrium. Buyers and sellers adjust to reach a new equilibrium in response to shifts in demand and supply.
Explanation:
Equilibrium in economics is a state where demand and supply are balanced, resulting in a stable price and quantity for a good or service. Changes in the determinants of supply and demand can shift the equilibrium, leading to adjustments in both price and quantity. Price and quantity in a market can change as buyers and sellers continuously try to reach a new equilibrium when faced with shifts in demand or supply.
Learn more about Equilibrium in Economics here:
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