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Increase in Demand
A situation in which more of a product or service is desired, leading to a shift of the demand curve to the right.
Ceteris Paribus
A phrase in Latin that translates to "with all other conditions remaining the same," employed to examine the impact of a single variable while holding others constant in economic studies.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market equilibrium.
Equilibrium Quantity
The amount of products or services available and sought after at the market's balance price.
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