Examlex
Once the youngest sibling gets to be about ____, he or she will start talking more to older siblings than to mom.
Supply Curve
A graph that shows the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.
Equilibrium Price
The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers, leading to a balance in the market.
Demand Schedule
A chart indicating the amount of a product or service buyers are prepared and capable of buying at different price levels.
Shortage/Surplus
A state in the marketplace where the demand for a good surpasses its supply, causing a shortage, or where the supply of a product outpaces its demand, resulting in a surplus.
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