Examlex
Suppose you are planning to take a class from a professor about whom you know nothing. Just before class starts, a friend of yours describes the professor as inflexible, wordy, an easy grader, and kind to students. If the primacy effect is operating, you are most likely to think of the professor as:
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to market stability.
Equilibrium Quantity
The amount of goods or services that are bought and sold at the equilibrium price, where market demand meets market supply.
Consumer Surplus
The discrepancy between the total sum consumers are prepared and able to spend on a good or service and what they ultimately pay.
Equilibrium Price
The market price at which the quantity of goods supplied equals the quantity of goods demanded.
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