Examlex
Compare and contrast theories of absolute and comparative advatages.
Equilibrium Price
The price at which the quantity of goods demanded equals the quantity of goods supplied.
Excess Demand
Excess demand occurs when the quantity demanded of a product or service exceeds the quantity supplied at the current price, leading to shortages.
Excess Supply
A market situation where the quantity of a good or service offered is greater than the quantity demanded by consumers.
Supply
The total amount of a product or service available for purchase at any given time in the market.
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