Examlex
What condition is necessary for the universe to be closed?
Equilibrium Quantity
The quantity of goods or services supplied and demanded at the point where supply equals demand.
Total Surplus
The total net gain to society from the creation and utilization of a product or service, expressed as the combined value of consumer surplus and producer surplus.
Positively Sloped
Characterizes a line or curve on a graph that moves upward as one moves from left to right, indicating a direct relationship between two variables.
Negatively Sloped
Describes a downward trend in a graph, indicating an inverse relationship between two variables, such as price and demand.
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