Examlex
Explain how smoke detectors work.
Market Equilibrium
The point where the supply of goods matches demand, resulting in a stable price.
Excess Demand
A market situation where the quantity demanded of a good exceeds the quantity supplied at a current price, leading to shortages.
Excess Supply
A situation in a market where the quantity of a good supplied is greater than the quantity demanded at the current price.
Excess Demand
A market condition in which the quantity demanded of a good or service exceeds the quantity supplied at a given price, leading to upward pressure on price.
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