Examlex
Explain how to use conditional formatting effectively.
Equilibrium
The point in a market where the quantity demanded by consumers equals the quantity supplied by producers, leading to a stable price.
Surpluses
The quantity of goods that remains when a producer has more goods than it is able to sell at the current price.
Shortages
Occurrences when the demand for a product or service exceeds its supply in a market, often leading to higher prices and unmet consumer needs.
Equilibrium Price
The market price at which the quantity of a good supplied equals the quantity demanded, leading to a stable market situation.
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