Examlex
Complete the following sentence.A surplus
Buyers and Sellers
The participants in a market who respectively purchase and offer goods or services for trade.
Substitution Effects
The change in the consumption pattern of goods due to a change in their prices, making consumers replace more expensive items with cheaper alternatives.
Downward-sloping
A descriptor often used for demand curves, indicating that as the price of a good or service decreases, the quantity demanded increases.
Law of Demand
The principle that there is an inverse relationship between the price of a good and the quantity demanded, holding other factors constant.
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