Examlex
Calendar time is expressed on a(n) _____ scale while minutes,hours,and days are expressed on a(n) _____ scale.
Free Markets
Economic systems in which the prices for goods and services are determined by the open market and consumers, without government intervention.
Equilibrium Price
The rate in the marketplace at which the volume of goods being offered is the same as the volume of goods being sought.
Equilibrium Quantity
The quantity of a good or service at which demand meets supply.
Supply Decreases
A situation in which the quantity of a product or service offered in the market declines due to various factors like increased production costs or reduced number of suppliers.
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