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Equilibrium Quantity
The quantity of goods or services supplied and demanded at the equilibrium price, where demand and supply are equal.
Equilibrium Price
The cost at which the amount of a product or service that consumers want to buy matches the amount that producers are willing to sell, thereby achieving equilibrium in the market.
Law of Demand
The principle stating that, all else being equal, as the price of a good increases, its demand falls and vice versa.
Market for Pizza
An example of a niche market, focused specifically on the buying and selling of pizza, influenced by consumer preferences and economic factors.
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