Examlex
Explain how a city affects local climate conditions.
Consumer Preference
The inclination of consumers toward certain products or services over others based on their characteristics, such as taste, quality, and price.
Equilibrium
An equilibrium in the market where demand matches supply, thereby stabilizing prices.
General Equilibrium
An economic condition where supply and demand are balanced across all markets in the economy, leading to an optimal distribution of resources.
Simultaneous Equilibrium
A condition in which all markets in an economy are in equilibrium at the same time, reflecting a balance between supply and demand.
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