The __________ Is a Term That Refers to the Expanding

question 2

Short Answer

The __________ is a term that refers to the expanding interconnection of smart devices, ranging from appliances to tiny sensors.

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Definitions:

Shortage

A market condition where the demand for a product exceeds the supply at a given price, often leading to higher prices.

Surplus

A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.

Equilibrium Price

The market price at which the supply of an item matches its demand, leading to a stable market where there is no surplus or shortage.