Examlex
In 1975 a pocket calculator cost more than $50; in 1990 a calculator of the same quality cost less than $10. Which of the following explanations is most consistent with these facts?
Market Equilibrium
Market Equilibrium is a state in which market supply equals market demand, meaning that goods supplied at a certain price are exactly matched by the goods demanded at that price.
Excess Demand
A market situation where the quantity demanded of a product exceeds the quantity supplied at a given price, leading to shortages.
Excess Supply
The situation where the quantity of a good or service that is available exceeds the quantity demanded by consumers at the current price.
Excess Demand
A market condition where the quantity demanded of a product exceeds the quantity supplied, often resulting in upward pressure on prices.
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