Examlex
In the textbook,economics is defined as the "science of scarcity."
Quantity of Pizza Supplied
The total number of pizza units that sellers are willing and able to sell at a given price within a certain period.
Input Prices
The cost associated with the factors used in production, such as labor, materials, and capital.
Number of Sellers
Refers to the total count of distinct sellers or firms active in a given market, affecting the market's competition level.
Suppliers' Expectations
The beliefs or forecasts that producers have regarding future prices, demand, or supply conditions.
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