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.
Price elasticity tells how much of an impact a change in price will have on the consumers' willingness to buy that item. If the price rises, the law of demand states that the quantity demanded of that item will decrease. Price elasticity of demand tells you how much the quantity demanded decreases. Elastic demand means that the consumers of that good or service are highly sensitive to changes in price. Usually, a good which is not a necessity or has numerous substitutes has elastic demand.