Examlex
Describe the racial, ethnic, and gender makeup of the federal courts. Does it matter that some groups are underrepresented and other groups are overrepresented? Why?
Excess Demand
Excess demand occurs when the quantity demanded of a good or service at the current price exceeds the quantity supplied, often leading to upward pressure on prices.
Unregulated Market
A market where government agencies do not control or limit the behaviors of buyers and sellers, allowing the forces of supply and demand to freely set prices.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, leading to a stable market condition.
Equilibrium Quantity
The amount of products or services offered and sought after at the balance price.
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