Concept information
Preferred term
competitive equilibrium
Definition
- A competitive equilibrium occurs in a competitive market when there is no tendency for the market price or quantity exchanged of a good or service to change further. This equilibrium is located at the intersection of the market demand curve and the market supply curve in a graph of price against quantity (see Figure 1, opposite). [Source: Encyclopedia of Health Care Management; Competitive Equilibrium]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/competitive_equilibrium
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