Examlex
What do economists consider a welder who quits his job and moves from Windsor to Edmonton to try to get a better welding job?
Market Price
The price at which a product or service is traded in the marketplace, determined by supply and demand.
Market Clearing Level
The price and quantity at which supply equals demand, so there is no surplus or shortage in the market.
Surplus
Situation in which the quantity supplied exceeds the quantity demanded.
Equilibrium Quantity
The quantity of goods or services that is supplied and demanded at the equilibrium price, where supply equals demand.
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