Examlex
When the following substance reacts with water in the presence of an acid, which of the following describes the reaction?
Surplus
The condition that occurs when supply exceeds demand, often resulting in a decrease in prices.
Shortage
A situation where the demand for a good or service exceeds its supply in a market.
Quantity Demanded
The amount of a product that consumers are willing to buy at a specific price point, at a given time.
Equilibrium Price
The market price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.
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