Macroeconomics Exam
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Macroeconomics Exam 1
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Equilibrium Price - The price that balances quantity supplied and quantity demanded 
 
Equilibrium Quantity - The quantity supplied and the quantity demanded at the equilibrium price 
 
Equilibrium - A situation in which the market price has reached the level at which quantity supplied equals quantity demanded 
 
Equality - Those benefits are distributed among society's members 
 
Efficiency - Society that is getting the maximum benefits from its scarce resources 
 
"The cost of something ...
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Equilibrium Price - The price that balances quantity supplied and quantity demanded 
 
Equilibrium Quantity - The quantity supplied and the quantity demanded at the equilibrium price 
 
Equilibrium - A situation in which the market price has reached the level at which quantity supplied equals quantity demanded 
 
Equality - Those benefits are distributed among society's members 
 
Efficiency - Society that is getting the maximum benefits from its scarce resources 
 
"The cost of something ...