Examlex
What is a franchise?
Quantity Demanded
The total amount of a good or service that consumers are willing to purchase at a given price over a specific period of time.
Quantity Supplied
The total amount of a product that producers are willing and able to sell at a given price over a specified period.
Equilibrium Price
The price at which the quantity of a good or service offered by suppliers equals the quantity demanded by consumers.
Shortage
A market condition where the demand for a product exceeds its supply at a particular price, often leading to price increases.
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