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Price Paid
The actual amount of money exchanged for a good or service at the point of sale.
Demand Function
A mathematical expression representing the relationship between the quantity demanded of a good and its influencing factors like price, income, and preferences.
Supply Function
A mathematical representation of the relationship between the quantity of a good or service that producers are willing to sell and the price of that good or service.
Equilibrium Price
The price point in the market where the amount of goods being offered matches the amount of goods consumers want to buy.
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