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Closing entries are recorded:
Equilibrium Price
The price point at which the quantity of goods supplied equals the quantity demanded, resulting in market balance.
Equilibrium Quantity
At the equilibrium price, the volume of goods or services both offered and sought.
Quantity Supplied
The amount of a good or service that producers are willing and able to offer for sale at a given price level in a given time period.
Equilibrium Price
The point at which the demand for a particular good or service matches its supply, ensuring equilibrium in the market.
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