Examlex
The organizational pattern you choose will determine the order of your main points.
Surplus
An excess of supply over demand in a market, leading to downward pressure on prices.
Equilibrium Level
Refers to the state in a market where supply equals demand, leading to a stable price for a product or service.
Substitute Good
A product or service that can be used in place of another to satisfy similar needs or desires.
Equilibrium Price
The price at which the quantity of a product offered by sellers equals the quantity of the product that buyers are willing to purchase, without any surplus or shortage in the market.
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