Examlex
Radio frequency identification allows the automatic collection of data using RFID tags or transponders that contain a chip and an antenna.
Equilibrium Quantity
Equilibrium quantity is the quantity of goods or services supplied and demanded at the equilibrium price, where the quantity demanded equals the quantity supplied, leading to market stability.
Demand Decreases
A situation where the desire or need for a product or service declines, often leading to lower prices and adjustments in supply.
Supply Increases
Occurs when the quantity of a good or service that a market can offer rises.
Law of Demand
The law of demand states that, all else being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
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