Examlex
Which of the following statements is correct?
Equilibrium Price
The price in the market where the amount of goods being offered matches the amount of goods people want to buy.
Increase
A situation where there is a rise in magnitude, quantity, or degree.
Quantity Demanded
A specific quantity of a good that buyers are interested in purchasing at a certain price point.
Law of Demand
The principle that, ceteris paribus, there is an inverse relationship between the price of a good and the quantity demanded.
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