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(I) Most corporate bonds have a face value of $1,000,pay interest semiannually,and can be redeemed anytime the issuer wishes.
(II) Registered bonds have now been largely replaced by bearer bonds,which do not have coupons.
Equilibrium
A state where supply equals demand in a market, resulting in no inherent force for price change.
Equilibrium Price
The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, also known as the market-clearing price.
Shortage
A scenario in which the need for a product surpasses the amount available at a particular price.
Quantity Demanded
The total amount of goods or services that consumers are willing and able to purchase at a given price level in a given period.
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