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Equilibrium Price
The market price at which the quantity of goods demanded equals the quantity of goods supplied, leading to a stable market condition.
Quantity Demanded
The total amount of a good or service consumers are willing and able to purchase at a given price.
Quantity Supplied
Quantity supplied refers to the amount of a good or service that producers are willing and able to sell at a given price over a specific period.
Rationing Gasoline
Rationing gasoline is a control measure where the government limits the amount of gasoline that consumers can purchase, usually in response to supply shortages.
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