-In the above figure, if D2 is the demand curve, then a price of P3 would result in
Definitions:
Units
The basic measure or quantity of something, used as a standard for expressing and comparing amounts.
Equilibrium Price
The market price at which the quantity of an item demanded by consumers equals the quantity supplied by producers, leading to market stability.
Equilibrium Quantity
The quantity of goods or services supplied is exactly equal to the quantity demanded at the market price.
Diagram
A graphical representation used to illustrate relationships between different elements or steps in a process.
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