Examlex
An increase in professors' salaries increases the supply of college education.
Equilibrium Price
The cost level at which the supply of products equals the demand for those products in the market.
Market Demand
The total amount of a product or service that all consumers in a market are willing and able to purchase at varying prices over a specified time period.
Market Supply
The total amount of a product or service that is available for purchase at any given price level in a market.
Equilibrium Price of X
The market price at which the quantity of a commodity demanded equals the quantity supplied, specifically for commodity X.
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