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Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.
Supply Function
An economic formula that shows the relationship between the quantity of a good supplied and its price, often influenced by production costs and market competition.
Supply Function
A mathematical relationship that describes the quantity of a good or service that producers are willing to sell at various prices.
Demand Function
A mathematical equation representing the relationship between the quantity demanded of a good and factors affecting its demand, such as price.
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