Question: Explain using only words, what an equilibrium is and how it's determined. (In perfect competition). In addition, provide an example of an equilibrium in real

Explain using only words, what an equilibrium is and how it's determined. (In perfect competition). In addition, provide an example of an equilibrium in real life.

HINT: a 1-2 sentence response will generate a 0-1 point response from me - i'm expecting 1page.)

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