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7-73 The potential exercise of unanticipated contingencies can result in
Equilibrium Price
The price at which the quantity of a good demanded equals the quantity supplied, resulting in market stability.
World Series
The annual championship series of Major League Baseball in North America, contested since 1903 between the American League and National League champions.
Producer Surplus
The difference between the amount producers are willing to accept for a good or service and the actual amount they receive, due to market price.
Firm's Willingness
A company's propensity to engage in certain actions based on its economic interests and goals.
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