Examlex
In the Mormon community of Bountiful B.C., some of the men are allowed to marry several women. This is an example of .
Equilibrium
A market condition in which the equilibrium of supply and demand leads to price stability.
Equilibrium Price
The price at which the quantity of a product offered is equal to the quantity of the product in demand, thus balancing supply and demand.
Surplus
A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price, often leading to a decrease in price.
Quantity Supplied
The aggregate supply of a good or service that manufacturers intend to sell, contingent upon a particular price level within a set period.
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