Examlex
Verification is the process of ensuring that the simulation model provides an accurate representation of the real system.
Surpluses
Surpluses occur when the quantity of a good or service supplied exceeds the quantity demanded, often leading to a decrease in prices.
Market Prices
The current prices at which goods and services can be bought or sold in a marketplace.
Rationing Function
The process by which the market system allocates goods and services to consumers when supply is limited.
Competitive Market
A market structure characterized by a large number of sellers and buyers, where no single entity can control prices or influence the market significantly.
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