Examlex
1-54 Which of the following statements is FALSE?
Equilibrium Price
The price at which the quantity of a good demanded equals the quantity of the good supplied.
Surplus
A situation where there is excess of supply over demand in the market, leading to downward pressure on prices.
Decrease in Demand
A situation where consumers are willing and able to purchase less of a good or service at any given price, often reflected in a leftward shift of the demand curve.
Decrease in Price
A reduction in the cost of a good or service, often resulting in increased demand or consumption.
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