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Present value calculation takes inflation and time into account.
Equilibrium Quantity
The amount of products or services available and sought after at the equilibrium price, where the supply meets the demand.
Price Floor
A government or regulatory-imposed minimum price for goods or services, intended to prevent prices from dropping too low.
Shortage
A circumstance in which the market desire for a service or product is greater than the supply.
Surplus
The situation in which the quantity supplied of a product exceeds the quantity demanded, often leading to price decreases.
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