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Equilibrium Price
The rate at which the amount of a product supplied matches the amount of the product demanded.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.
Demand Equation
A mathematical formula representing the relationship between the quantity demanded of a good and its price, along with other factors like income and price of related goods.
Supply Equation
An algebraic expression representing the relationship between the quantity supplied of a good and its price, along with other factors like the cost of inputs.
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