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What is the term for the balance between how much of a product is available, and how much consumers want the product?
The equilibrium price is the only price where the plans of consumers and the plans of producers agree—that is, where the amount of the product consumers want to buy (quantity demanded) is equal to the amount producers want to sell (quantity supplied). This common quantity is called the equilibrium quantity.
Definition of "Supply and Demand" --> the amount of goods and services that are available for people to buy compared to the amount of goods and services that people want to buy.
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