Examlex
In effect, the requirement of consideration requires a promisee to pay the "price" the promisor asked for in order to gain the right to enforce the promisor's promise.
Short-Run Market Supply
The total quantity of a good or service that producers are willing and able to sell at various prices over a short period, where some production factors are fixed.
Market Price
The price of a commodity when sold in a competitive marketplace, determined by supply and demand.
Market Demand
The total demand for a product or service aggregated across all individuals in the market at various price levels.
Short-Run Costs
Costs that vary depending on the level of production or output in the short term, where some factors of production are fixed.
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