Examlex
A crack is visible in a lens used in a sealed trailer tail light assembly but the light operation is not affected.Technician A says that the crack should be sealed with some silicone RTV to ensure no moisture enters.Technician B says that the cracked lens should be replaced.Who is correct?
Shortage
A market condition whereby the request for a service or product goes beyond what is readily available.
Equilibrium Quantity
The quantity of goods or services supplied and demanded at the point where supply and demand curves intersect, resulting in market equilibrium.
Demand Schedules
A table that shows the quantity of a good that consumers are willing and able to purchase at various prices, holding all else constant.
Demand Curve
A graphical representation of the quantity of a good that consumers are willing and able to buy at different prices.
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