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Equilibrium World Price
The price at which the quantity of a good or service demanded globally equals the quantity supplied across countries, without trade barriers.
Domestic Quantity Supplied
The total amount of a good or service that producers are willing and able to offer for sale within a domestic market at a given price.
Domestic Quantity Demanded
The total amount of a good or service that consumers in a given country want to buy at various prices during a specified period.
Hypothetical Nations
Imaginary or theoretical countries used for analysis or discussion in economic studies and models.
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