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Equilibrium level |
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Equilibrium levelThe value taken on by an economic variable in equilibrium, as opposed either to some other value, or to its rate of change.Similar MatchesOne cone equilibriumOne cone equilibriumA free-trade equilibrium in the Heckscher-Ohlin Model in which prices are such that all goods can be produced within a single country, and there is only one diversification cone. This will arise if countries' factor endowments are sufficiently similar compared to factor intensities of industries. Contrasts with multi-cone equilibrium. Market equilibriumMarket equilibriumEquality of supply and demand. See equilibrium. Equilibrium priceEquilibrium priceThe price when the supply of goods matches demand. Nash equilibriumNash equilibriumAn equilibrium in game theory in which each player's action is optimal given the actions of the other players. E.g., in a tariff-and-retaliation game, with each country able to improve its terms of trade with a tariff, zero tariffs are not Nash, since each can do better by raising its tariff. A Nash equilibrium, with positive tariffs, is likely to be inferior to free trade for both. Balance of payments equilibriumBalance of payments equilibriumMeaningful only under a pegged exchange rate, this referred to equality of credits and debits in the balance of payments using the traditional definition of the capital account. A surplus or deficit implied changing official reserves, so that something would ultimately have to change. Further SuggestionsEquilibrium positionTwo cone equilibrium Equilibrium Partial equilibrium Equilibrium Disequilibrium Equilibrium rate of interest General equilibrium Multi-cone equilibrium Equilibrium exchange rate Computable general equilibrium |
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