1 inflammatory diseases (such as Perthes' disease), and all chronic forms of arthritis (e.g. rheumatoid arthritis and gout). 2  In gout, uric acid crystals cause the cartilage to degenerate at a faster pace.
Equilibrium Price. When a product exchange occurs, the agreed upon price is called an equilibrium price, or a market clearing price. Graphically, this price occurs at the intersection of demand and supply as presented in Figure 1.ith no immediate change in consumers' willingness to buy crops, there is a movement along the demand curve to a new equilibrium. Consumers will buy more but only at a lower price. How much the price must fall to induce consumers to purchase the greater supply depends upon the elasticity of demand.
Elasticity is the strength of the relationship between price levels and consumer demand. A product is highly elastic if consumer demand varies considerably with price. For these products, an increase in price is likely to cause a substantial downward change in the quantity of demand. The prices of inelastic products, by contrast, do not vary considerably with price. For inelastic products, either increases or decreases in price are unlikely to change the quantity of consumer demand.