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Static equilibrium (economics), the intersection of supply and demand in any market; Sunspot equilibrium, an economic equilibrium in which non-fundamental factors affect prices or quantities; Underemployment equilibrium, a situation in Keynesian economics with a persistent shortfall relative to full employment and potential output
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 equilibrium point backward (though the equilibrium constant will stay the same).
Le Chatelier–Braun principle analyzes the qualitative behaviour of a thermodynamic system when a particular one of its externally controlled state variables, say , changes by an amount , the 'driving change', causing a change , the 'response of prime interest', in its conjugate state variable , all other externally controlled state variables remaining constant.
In economics, economic equilibrium is a situation in which the economic forces of supply and demand are balanced, meaning that economic variables will no longer change. [ 1 ] Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
A broader definition of acid dissociation includes hydrolysis, in which protons are produced by the splitting of water molecules. For example, boric acid, B(OH) 3, acts as a weak acid, even though it is not a proton donor, because of the hydrolysis equilibrium B(OH) 3 + H 2 O ⇌ B(OH) − 4 + H +. Similarly, metal ion hydrolysis causes ions ...
One example is the liquid–vapor critical point, the end point of the pressure–temperature curve that designates conditions under which a liquid and its vapor can coexist. At higher temperatures, the gas comes into a supercritical phase, and so cannot be liquefied by pressure alone.
Law of Demand is relied heavily upon by managerial economics, which is a branch of economics that applies microeconomic analysis to managerial decision-making, to make informed decisions on pricing, production, and marketing strategies.