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Market clearing, or equilibrium, price
The price that clears the market, at which quantity demanded equals quantity supplied;the price where the demand curve intersects the supply curve.
The situation when quantity supplied equals quantity demanded at a particular price.
A situation in which quantity demanded is greater than quantity supplied at a price below the market clearing price.
excess quantity demanded
Shortages and scarcity are not the same thing.
A situation in which quantity supplied is greater than quantity demanded at a price above the market clearing price.
excess quantity supplied
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