Examlex
Describe an example using the steps in systematic problem solving.
Equilibrium
A state in which market supply and demand balance each other, resulting in stable prices.
Market
Any structured exchange where buyers and sellers interact to trade goods, services, or information.
Price
The capital amount projected, necessary, or handed over in trade for something.
Deadweight Loss
The loss in social surplus that occurs when a market is not in efficient equilibrium, often due to externalities, taxes, or subsidies.
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