Examlex
The labor market is an example of a
Substitutes
Goods or services that can be used in place of each other, allowing consumers to switch if there is a change in price or availability.
Producer Surplus
The difference between the amount that producers are willing and able to sell a good for and the actual amount they receive due to market dynamics.
Equilibrium Price
The price at which the quantity of goods demanded by consumers equals the quantity of goods supplied, resulting in market balance.
Legal Price
A price that is established by law or regulation, rather than determined by the market.
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