Definition: Equilibrium is some balance that can occur in a model, which can represent a prediction if
the model has a real-world analogue. The standard case is the price-quantity
balance found in a supply and demand model. If the term is not otherwise
qualified it often refers to the supply and demand balance.
But there also exist Nash equilibria in games, search equilibria in
search models, and so forth.
(Econterms)
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