Examlex
If price rises, what happens to supply for a product?
Equilibrium
Describes a state in a market where the quantity of a product supplied is equal to the quantity of the product demanded, leading to a stable price.
Gains from Trade
The benefits that parties obtain by engaging in voluntary trade, allowing them to acquire goods and services they desire at less cost compared to self-production.
Total Surplus
The combined measure of consumer surplus and producer surplus in a market, representing the total benefits to society from the production and consumption of goods and services.
Equilibrium
A state where market supply and demand balance each other, and as a result, prices become stable.
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