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A recent increase in the supply of oranges caused the price to drop from $5 to $3 per bushel, and quantity demanded to rise from 10,000 bushels to 25,000 bushels. This indicates that the price elasticity of demand for oranges in this price range is
Recession
A period of decline in economic activity lasting more than a few months, as reflected by falling output, employment, income, and other aggregate measures.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.
Decrease in Supply
A reduction in the availability of a particular good or service in the market.
Downward-Sloping Demand
A fundamental economic principle stating that, ceteris paribus, the quantity demanded of a good falls as the price of the good rises, illustrated by a downward-sloping demand curve.
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