equilibrium

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The second is the importance of identifying and highlighting the role of substitutes, recycling, and changes in production/consumption technology have on the market equilibriums.
The two countries are assumed to differ in labor productivity and to feature closed-economy labor market equilibriums in which children do not work.
Hence, the market equilibrium of the Southern goods is given by
The basic assumptions of neoclassical economics include unbounded rationality, exogenously determined and stable preferences, exogenerously determined technical knowledge, maximizing behavior, and market equilibrium.
Of course, exogenous future events can impact the spot and implicit long-term reinsurance market equilibriums in fundamental ways.