Examlex
Which of the following involves purchasing a specified quantity of a commodity for a year or more from a state trading company of another nation?
Decrease in Supply
A reduction in the availability of a particular good or service in the market.
Downward-Sloping Demand
A fundamental economic principle stating that, ceteris paribus, the quantity demanded of a good falls as the price of the good rises, illustrated by a downward-sloping demand curve.
Equilibrium Quantity
The quantity of goods or services supplied that is equal to the quantity demanded at the market equilibrium price.
Equilibrium Price
The price at which the quantity of goods supplied is equal to the quantity of goods demanded, also known as the market-clearing price.
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