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Ranjit purchased a complex computer system from Compu-Less.Although Compu-Less had specially manufactured the computer to Ranjit's personal specifications, the sale was created on the basis of a standard form agreement that the company uses when customers buy mass-produced computer units.A dispute has now arisen between Ranjit and Compu-Less.Which of the following statements is most likely to be TRUE?
Economy
A system of production, distribution, and consumption of goods and services in a particular geographic region.
Demand
Demand is an economic principle referring to a consumer's desire and willingness to pay a price for a specific good or service.
Supply
The total amount of a specific good or service that is available to consumers, often influenced by the price as well as other factors.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers.
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