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The introduction of China's political institutions and cultural heritage exerted a lasting influence on
Demand Equation
A mathematical representation expressing the relationship between the quantity of a good demanded and its price, along with other factors affecting demand.
Supply Equation
A mathematical expression that represents the relationship between the quantity of a good that producers are willing to sell and factors that affect this quantity like the price of the good.
Shortage/Surplus
A market condition where the quantity demanded is greater/smaller than the quantity supplied, leading to a scarcity/excess of goods.
Price Ceiling
A legally imposed maximum price on goods or services, preventing prices from rising above a certain level.
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