Examlex
Use scientific notation to solve the problem.
-A light-year is the distance that light travels in one year. Find the number of miles in a light-year if light travels miles per second.
Demand
The desire for a particular good or service, backed by the ability and willingness to pay for it.
Supply
The total amount of a good or service available for purchase at any given price level.
Total Surplus
The sum of consumer surplus and producer surplus in a market; it represents the total net benefit to society from the production and consumption of a good.
Equilibrium
Describes a state in a market where the quantity of a product supplied is equal to the quantity of the product demanded, leading to a stable price.
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