Examlex
What does "diminishing marginal utility" mean?
Equilibrium Quantity
The supply and demand for goods or services at the price point where equilibrium is achieved in a market.
Price
The measure of money anticipated, obligatory, or tendered in payment towards an item.
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.
Equilibrium Quantity
The quantity of goods or services supplied and demanded at the equilibrium price, where market supply and demand balance.
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