Examlex
What is yield management? How is yield management being used in the airline industry?
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.
Equilibrium Quantity
The quantity of goods or services that is supplied and demanded at the equilibrium price, where supply equals demand.
Supply Curve
A graphical representation of the relationship between the price of a product and the quantity of the product that a supplier is willing and able to supply, holding all other factors constant.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, leading to a stable market condition.
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