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Nathan wanted to remain in a positive mood even though he disagreed with the content of the commercial,so he
Equilibrium
A condition in markets where supply equals demand, and there is no external pressure for change.
Shortage
The insufficiency of a good or service that occurs when the quantity demanded exceeds the quantity supplied; shortages occur when the price is below the equilibrium price.
Price Elasticity of Demand
The rate at which demand for a product responds to its price being altered.
Short Run
The period in economic theory during which at least one factor of production is considered fixed.
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