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A professor cleans the whiteboard before every class. He goes over the board at least three times before he considers it to be clean enough. Recently he has been late starting class because he is cleaning the whiteboard more and more. He is preoccupied with thoughts that previous markings are dirty and will contaminate his notes. A psychotherapist would say that this professor's are compulsive.
Technological Advancement
The process of innovation and improvement in technology, leading to more efficient production methods and new products.
Equilibrium Quantity
The quantity of goods or services supplied is exactly equal to the quantity of goods or services demanded.
Market Demand Schedule
A table showing the quantities of a particular good or service that consumers will purchase at various prices over a specified period.
Equilibrium Price
The pricing point in the market where the amount of goods being sold matches the amount being sought.
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