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When the supply curve shifts to the left and the demand curve remains unchanged, the price for the product or service will fall.
Supply Curve
A graphical representation of the relationship between the price of a good and the quantity of that good that suppliers are willing and able to provide.
Gas Prices
The cost per unit of gasoline, which fluctuates based on factors such as crude oil prices, taxes, demand, and refinery capabilities.
Equilibrium Quantity
At the market price, the supply of goods or services is equivalent to the demand.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.
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