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Equilibrium Quantity
The quantity of goods or services that is supplied and demanded at the price where supply and demand are balanced.
Alfred Marshall
A British economist known for his work on microeconomics and for developing the concepts of supply and demand elasticity.
Demand Analysis
The study of consumers' willingness to purchase a particular product or service at various prices and times.
Increase in Demand
A situation where more of a good or service is sought by consumers at each price level, leading to a rightward shift in the demand curve.
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