Examlex
What are the four basic skills required by managers? Which of these skills is needed more by supervisors than other managers?
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market equilibrium.
Quantity Supplied
The total amount of a particular good or service that producers are willing to provide at a given price.
Shortage
A market condition where the demand for a product or service exceeds its supply, often leading to higher prices or queuing.
Equilibrium Price
The price at which the quantity of a good demanded equals the quantity of the good supplied.
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