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Equilibrium Quantity
The quantity of goods or services supplied equals the quantity demanded at the market price, achieving market balance.
Output
The cumulative quantity of products or services generated by a company, sector, or economic system within a specific timeframe.
Market
A medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange.
No Externality
A situation where private costs or benefits are equal to social costs or benefits, with no spillover effects on third parties.
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