Examlex
How is national income at basic prices calculated from gross national product at market prices?
Market Clearing Level
The price and quantity at which supply equals demand, so there is no surplus or shortage in the market.
Surplus
Situation in which the quantity supplied exceeds the quantity demanded.
Equilibrium Quantity
The quantity of goods or services that is supplied and demanded at the equilibrium price, where supply equals demand.
Quantity Supplied
The amount of a good or service that producers are willing and able to sell at a specific price over a given period of time.
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