Examlex
An auction in which the low bid gets the business or wins is known as a _____ auction.
Shortage
A situation where the demand for a product exceeds the available supply, often leading to higher prices.
Equilibrium
The state in which market supply and demand balance each other, and as a result, prices become stable.
Shortage
A situation in which the demand for a product or service exceeds the available supply, often leading to higher prices or unmet demand in the market.
Surplus
A situation where the quantity supplied of a good exceeds the quantity demanded at the current price, often leading to a decrease in prices.
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