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The refractory period
Equilibrium Price
The price at which the quantity of a good or service supplied matches the quantity demanded, causing the market to be in a state of balance.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, leading to a stable market condition without excess supply or demand.
Supply and Demand
Fundamental economic model describing how the price and quantity of a good are determined in a market, based on the relationship between product availability and consumers' desire for it.
Determinant of Demand
A factor that affects the willingness and ability of consumers to buy a product, which can include price, income, tastes, and expectations.
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