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Short Run Equilibrium is defined as the market price that equates the quantity demanded to the total quantity supplied by the given number of firms in the industry, when each of the firms is producing according to its own short-run supply curve.
It is a macroeconomic equilibrium alternative that is found in aggregate market analysis. The other one is Long run aggregate market. Short run equilibrium can occur at different levels of real production with the change in the aggregate demand.
This equilibrium shows that the economy does not have any wide-spread shortages or surplus as far as the product markets are concerned.
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