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When the price of a good equals the equilibrium price:
Herbert Simon
An influential scholar in the realms of economics, psychology, and computer science, known for his work on decision-making and artificial intelligence.
Economic Person
A theoretical concept of a person who makes rational decisions by maximizing utility or profit based on limited resources.
Programmed Decision Making
A decision-making process that follows established procedures or rules, often used for routine and repetitive decisions.
Existing State
The current conditions or circumstances of a system, situation, or state of affairs.
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