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Substitutes
Goods or services that can replace each other in usage, such that an increase in the price of one leads to an increase in demand for the other.
Equilibrium Quantity
The quantity of goods or services supplied and demanded at the equilibrium price in a market.
Equilibrium Price
The price point in the market where the amount of products offered meets the amount of products wanted.
Demand
The level of demand for a good or service that purchasers have the desire and financial ability to acquire at varying prices over a designated period.
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