Examlex
Jimmy notices that the time is twelve o'clock noon. After looking at his watch, he begins to feel hungry. His hunger response is best thought of as an example of:
Surplus
A situation in which the quantity of a good or service exceeds the quantity demanded at the current price.
Shortage
A situation in which the demand for a product or service exceeds the available supply.
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
The amount of products or services available and sought after at the equilibrium price, a point where the supply and demand in the market equalize.
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