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Persistent Shortages
An economic condition where the demand for a good or service consistently exceeds its supply, often due to factors like price controls, causing prolonged scarcity.
Normal Goods
Goods for which demand increases as the income of consumers increases.
Incomes
refer to the earnings received by individuals or households, including wages, salaries, benefits, and returns from investments.
Equilibrium Price
The cost level at which the supply of products equals the demand for those products in the market.
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