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At the end of Quarter 1 of 2021, used car prices in some countries were increasing due to the demand from both economic recovery, as well as the chip shortage. The price of some cars increased as much as 10% in Q1. [11] By 2023, the automotive industry largely recovered with global car production up 3%.
In most simple microeconomic stories of supply and demand a static equilibrium is observed in a market; however, economic equilibrium can be also dynamic. Equilibrium may also be economy-wide or general, as opposed to the partial equilibrium of a single market. Equilibrium can change if there is a change in demand or supply conditions.
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
Isostasy (Greek ísos 'equal', stásis 'standstill') or isostatic equilibrium is the state of gravitational equilibrium between Earth's crust (or lithosphere) and mantle such that the crust "floats" at an elevation that depends on its thickness and density. This concept is invoked to explain how different topographic heights can exist at Earth ...
In physics and engineering, a free body diagram (FBD; also called a force diagram) [1] is a graphical illustration used to visualize the applied forces, moments, and resulting reactions on a free body in a given condition. It depicts a body or connected bodies with all the applied forces and moments, and reactions, which act on the body(ies).
In thermodynamics, a quasi-static process, also known as a quasi-equilibrium process (from Latin quasi, meaning ‘as if’ [1]), is a thermodynamic process that happens slowly enough for the system to remain in internal physical (but not necessarily chemical) thermodynamic equilibrium.
[1] General equilibrium analysis, in contrast, begins with tastes, endowments, and technology being fixed, but takes into account feedback effects between the prices and quantities of all goods in the economy. The supply and demand model originated by Alfred Marshall is the paradigmatic example of a partial equilibrium model.
A central aim in equilibrium thermodynamics is: given a system in a well-defined initial state of thermodynamic equilibrium, subject to accurately specified constraints, to calculate, when the constraints are changed by an externally imposed intervention, what the state of the system will be once it has reached a new equilibrium. An equilibrium ...