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Competitive equilibrium refers to a state in an economic market where supply equals demand, and no individual buyer or seller can influence the market price. In this scenario, the prices of goods and services are determined by the interplay of supply and demand, and every participant (consumers, firms, etc.) in the market makes choices that maximize their utility (consumers) or profits (producers) given the existing market prices.

Ancestors (5)

  1. Auction theory
  2. Game theory
  3. Fields of mathematics
  4. Mathematics
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