Examlex
Suppose that a dollar buys 120 yen. If a VCR sells for 18,600 yen in Japan, the price of the VCR in dollars is ________.
Equilibrium Price
The market price at which the quantity of goods supplied equals the quantity of goods demanded.
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 supply.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing to purchase.
Price Ceiling
A cap established by the government on the maximum price that can be set for a good, service, or resource.
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