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Partial equilibrium, the equilibrium price and quantity which come from the cross of supply and demand in a competitive market; Radner equilibrium, an economic concept defined by economist Roy Radner in the context of general equilibrium; Recursive competitive equilibrium, an economic equilibrium concept associated with a dynamic program
This form of competition typically manifests in new equilibrium abundances of each prey species. For example, suppose there are two species (species A and species B), which are preyed upon by food-limited predator species C. Scientists observe an increase in the abundance of species A and a decline in the abundance of species B.
Nash equilibrium is a game equilibrium where it is not rational for any player to deviate from their present strategy, provided that the others adhere to their strategies. An ESS is a state of game dynamics where, in a very large population of competitors, another mutant strategy cannot successfully enter the population to disturb the existing ...
Externalities often occur when the production or consumption of a product or service's private price equilibrium cannot reflect the true costs or benefits of that product or service for society as a whole. [9] [10] This causes the externality competitive equilibrium to not adhere to the condition of Pareto optimality.
Equilibrium in perfect competition is the point where market demands will be equal to market supply. A firm's price will be determined at this point. In the short run, equilibrium will be affected by demand. In the long run, both demand and supply of a product will affect the equilibrium in perfect competition.
As blackouts, food, fuel and labor shortages in Cuba grow more acute by the day, a trip to the Caribbean island has become a hard sell. Cuban government statistics tell the story: Earlier this ...
Broome is averaging a double-double for the season and leads the Tigers in scoring (18.7 points per game), rebounds (11.2) and assists (3.4). Broome is one of six Auburn players to average in ...
If a dynamic equilibrium is disturbed by changing the conditions, the position of equilibrium moves to partially reverse the change. For example, adding more S (to the chemical reaction above) from the outside will cause an excess of products, and the system will try to counteract this by increasing the reverse reaction and pushing the ...