- What is equilibrium price?
The equilibrium price is where the supply of goods matches demand. When a major index experiences a period of consolidation or sideways momentum, it can be said that the forces of supply and demand are relatively equal and that the market is in a state of equilibrium.
- How has Alfred Marshall classified time period?
He classified it into three types.
- Market period or very short period
- Short period and
- Long period
- What is short period?
During this period supply can be altered to some extent.
- What is long period?
During this period supply can be altered fully.
- What is market period or very short period?
During this period the time allotted for supply is very limited.