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Which of the following geographical areas offers the most suitable environment for development of life?
Market Equilibrium
A condition in which market supply and demand balance each other, and as a result, prices become stable.
Competitive Industry
A competitive industry is one where numerous producers compete with each other to satisfy the needs and wants of consumers, characterized by free entry and exit and a high level of innovation.
Market Demand
The total quantity of a good or service that consumers are willing and able to purchase at various prices during a specific time period.
Market Equilibrium
A condition in a market where supply equals demand, resulting in stable prices that neither increase nor decrease.
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