Examlex
It is relatively easy to determine if a fire was arson?
Shortage
A market condition where the demand for a product or service exceeds its supply, often leading to higher prices or queuing.
Equilibrium Price
The price at which the quantity of a good demanded equals the quantity of the good supplied.
Surplus
A situation where there is excess of supply over demand in the market, leading to downward pressure on prices.
Decrease in Demand
A situation where consumers are willing and able to purchase less of a good or service at any given price, often reflected in a leftward shift of the demand curve.
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