Examlex
An argument is valid if it is impossible for the premises to be true while the conclusion is false.
Supply Curve
A graph representing the relationship between the price of a good or service and the quantity of it that producers are willing to supply.
Equilibrium Price
The market price at which the quantity of a good demanded equals the quantity supplied, leading to market stability.
Inverse Demand Function
A mathematical representation showing the relationship between the quantity demanded of a good and its price, typically derived by solving the demand function for price.
Inverse Supply
The inverse supply function represents the relationship between the price of a good and the quantity supplied, expressed as price as a function of quantity, contrasting with the typical supply function which is quantity as a function of price.
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