Examlex
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Equilibrium Price
The price at which the quantity of a good or service offered by suppliers equals the quantity demanded by consumers.
Shortage
A market condition where the demand for a product exceeds its supply at a particular price, often leading to price increases.
Market Price
Represents the amount of money that a buyer is willing to pay and a seller is willing to accept for a good or service at a particular time.
Shortage
A situation where the demand for a product or service exceeds its supply in a market, often leading to rising prices.
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