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Which of the following statements is FALSE regarding climate models?
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in market balance.
Equilibrium Quantity
Equilibrium Quantity is the quantity of goods or services that is supplied and demanded at the equilibrium price, where market supply and demand balance.
Demand Curve
A chart that demonstrates how the demand for a product changes in response to its price during a particular period.
Supply
The overall quantity of a particular product or service accessible to buyers.
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