Indian Economy

General Studies (CHSL)

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Indian Economy - Understanding the basics of Indian economic system

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In economic equilibrium .................

supply is equal to the demand.

the surplus is larger than the shortage.

elasticity of demand equals elasticity of supply

price elasticity of demand is unity

Explanation:

In equilibrium the quantity of a good supplied by producers equals the quantity demanded by consumers. relationship of price to supply and demandIllustration of the relationship of price to supply (S) and demand (D).

By: Barka Mirza

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