Short Answer
Figure 1.2
Using the figure above, identify the labeled part.
-Label S: ______________________________
Definitions:
Market Equilibrium
Market equilibrium is a condition in a market where the quantity demanded equals the quantity supplied, resulting in no pressure for the price to change.
Consumer Surplus
The gap between the total sum consumers are ready and able to spend on a good or service, and the sum they actually do spend.
Market Equilibrium
The condition in which the quantity of a product supplied is equal to the quantity demanded, leading to a stable market price.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.
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