Examlex
Explain the nebular hypothesis, and describe two observations that support it.
Equilibrium Price
The market price at which the quantity of goods supplied equals the quantity of goods demanded.
Supply Curve
A graphical representation of the relationship between the price of a good and the quantity of that good that suppliers are willing and able to supply.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing to purchase.
Price Ceiling
A cap established by the government on the maximum price that can be set for a good, service, or resource.
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