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Socialist writer Upton Sinclair won statewide nomination for California governor by representing which party?
Market Price
The price at which a product or service is traded in the marketplace, determined by supply and demand.
Market Clearing Level
The price and quantity at which supply equals demand, so there is no surplus or shortage in the market.
Surplus
Situation in which the quantity supplied exceeds the quantity demanded.
Equilibrium Quantity
The quantity of goods or services that is supplied and demanded at the equilibrium price, where supply equals demand.
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