Examlex
What is an expert system? What is required for IT to mimic human expertise?
Market Supply
The total quantity of a specific good or service that is available for purchase in the market by all suppliers at various price levels.
Market Demand
The total demand for a product or service across all consumers in a market at a given price level and time.
Equilibrium Level
A condition in which the supply and demand in the market are equal, leading to stable prices.
Deadweight Loss
Deadweight loss is the loss of economic efficiency that occurs when the equilibrium outcome is not achievable or not achieved in a market.
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