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Briefly discuss the impact of technology on the product life cycle.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in a balance without excess supply or demand.
Producer Surplus
The variance between the price producers want to sell an item for and the price they end up receiving.
Equilibrium Price
The price point at which the quantity of a good or service supplied equals the quantity demanded.
Consumer Surplus
The disparity in what consumers are willing to invest in a good or service compared to what they eventually invest.
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