Examlex
_____________ occurs when elements are converted from organic form back to an inorganic form.
Consumer Surplus
The gap between the total sum consumers are ready and able to spend on a good or service, and the sum they actually do spend.
Market Equilibrium
The condition in which the quantity of a product supplied is equal to the quantity demanded, leading to a stable market price.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded by consumers.
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