Examlex
Today's supply curve for gasoline could shift in response to a change in
Product Price
refers to the amount of money required to purchase a specific good or service offered by a business.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in market balance.
Market Demand
The total demand for a product or service within a particular market, including all consumers' willingness and ability to purchase at various prices.
Purely Competitive Market
A market structure characterized by a large number of firms or sellers, each of which has a relatively small market share and sells a homogeneous product, with no single firm able to influence market price.
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