Examlex
What is the function of the structure labeled #12?
Demand Curve
A visual graph demonstrating the relationship between the cost of a product or service and how much of it is sought after during a particular timeframe.
Service
Economic activity where an intangible value is provided, such as healthcare, education, or entertainment, as opposed to producing a tangible product.
Substitute Goods
Products or services that can be used in place of each other. When the price of one falls, the demand for the other falls, and conversely with an increase of price.
Equilibrium Price
Equilibrium Price is the price point at which the quantity of goods supplied equals the quantity of goods demanded in a market.
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