Examlex
By what process do bacteria reproduce?
Shortage
A situation where the demand for a good or service exceeds its supply in the market, often leading to increased prices.
Initial Equilibrium
The initial state of balance where the supply and demand curves intersect, determining the market price and quantity before any external changes.
Equilibrium Price
The market price at which the quantity of goods demanded is equal to the quantity of goods supplied.
Equilibrium Quantity
The quantity of goods or services supplied that is equal to the quantity demanded at the market equilibrium price.
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