Examlex
Determine whether the statement is true or false.
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Excess Supply
Occurs when the quantity of a good or service supplied by producers exceeds the quantity demanded by consumers at a given price.
Supply
The total amount of a good or service available for purchase at any specified price.
Demand
The level of demand for a good or service, depending on consumers' readiness and capacity to buy at various prices.
Equilibrium
A state in an economy or market where demand equals supply, and there is no tendency for change.
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