Examlex
Although Mark realizes that his behavior is unreasonable,he is so alarmed by high bridges or expressway overpasses that he avoids them by taking an unnecessarily lengthy route to and from work each day.Mark appears to suffer from
Decrease in Demand
This occurs when the quantity of a good or service that consumers are willing and able to purchase at a specific price level declines, due to factors such as changes in preference or income.
Long-Run Equilibrium
A state in which supply and demand are balanced, and all economic variables are at their natural levels, not influenced by external short-term fluctuations.
Firms in the Industry
Businesses or companies that produce goods or provide services within a specific sector of the economy.
Output
The quantity of goods or services produced by a firm, industry, or economic system.
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