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What does the difference in ecological footprint between China and India mean?
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.
Shortage
A market condition characterized by the demand for a product exceeding its supply, often leading to increased prices.
Equilibrium Price
The price at which the quantity of a product offered for sale matches the quantity being demanded, resulting in no net surplus or shortage in the market.
Supply Curve
A graph that shows the relationship between the price of a good and the quantity supplied.
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