Examlex
The Pendleton Act of 1883 established the first merit system in the state of Massachusetts.
Market Supply
The total quantity of a good or service that producers are willing and able to sell at various prices during a given time period.
Market Demand
is the total amount of a product or service that consumers in a market are willing and able to purchase at different prices, during a certain time period.
Deadweight Loss
A loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved or is unattainable.
Market Equilibrium
An equilibrium where market demand matches supply, causing price stability.
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