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In most simple microeconomic stories of supply and demand a static equilibrium is observed in a market; however, economic equilibrium can be also dynamic. Equilibrium may also be economy-wide or general, as opposed to the partial equilibrium of a single market. Equilibrium can change if there is a change in demand or supply conditions.
In economics, comparative statics is the comparison of two different economic outcomes, before and after a change in some underlying exogenous parameter. [1] As a type of static analysis it compares two different equilibrium states, after the process of adjustment (if any). It does not study the motion towards equilibrium, nor the process of ...
An object resting on a surface and the corresponding free body diagram showing the forces acting on the object. The normal force N is equal, opposite, and collinear to the gravitational force mg so the net force and moment is zero. Consequently, the object is in a state of static mechanical equilibrium. In classical mechanics, a particle is in ...
Statics is the branch of classical mechanics that is concerned with the analysis of force and torque acting on a physical system that does not experience an acceleration, but rather is in equilibrium with its environment. If is the total of the forces acting on the system, is the mass of the system and is the acceleration of the system, Newton ...
Proposed by. John Forbes Nash Jr. Used for. All non-cooperative games. In game theory, the Nash equilibrium is the most commonly-used solution concept for non-cooperative games. A Nash equilibrium is a situation where no player could gain by changing their own strategy (holding all other players' strategies fixed). [1]
In chemistry, thermodynamics, and other chemical engineering, a steady state is a situation in which all state variables are constant in spite of ongoing processes that strive to change them. For an entire system to be at steady state, i.e. for all state variables of a system to be constant, there must be a flow through the system (compare mass ...
Walras's law is a principle in general equilibrium theory asserting that budget constraints imply that the values of excess demand (or, conversely, excess market supplies) must sum to zero regardless of whether the prices are general equilibrium prices. That is: where is the price of good j and and are the demand and supply respectively of good j.
Hydrostatic equilibrium, the state of a system in which compression due to gravity is balanced by a pressure gradient force. Hyperbolic equilibrium point, a mathematical concept in physics. Mechanical equilibrium, the state in which the sum of the forces, and torque, on each particle of the system is zero. Radiative equilibrium, the state where ...