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Income Falls
A scenario where an individual or household experiences a reduction in their earnings from wages, investments, or other sources.
Equilibrium Price
The selling price where the amount of products supplied equals the amount of products demanded.
Equilibrium Quantity
The amount of goods or services supplied is exactly equal to the amount of goods or services demanded at a given price.
Quantity Demanded
The overall volume of a good or service that consumers intend and can afford to buy within a specific period at a particular price.
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