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Complementary Products: Complementary products are those products that are used together. When the price of one product goes up, the demand for the other product also goes down.

Demand: Demand refers to the quantity of a product that consumers are willing and able to buy at a given price and time.

Demand Curve: The demand curve is a graph that shows the relationship between the quantity demanded of a product and its price.

Demand Function: The demand function is a mathematical representation of the relationship between the quantity demanded of a product and its price.

Demand Schedule: The demand schedule is a table that shows the relationship between the quantity demanded of a product and its price.

Inferior Product: An inferior product is a product for which demand decreases when income increases.

Law of Demand: The law of demand states that as the price of a product increases, the quantity demanded of the product decreases, and as the price of a product decreases, the quantity demanded of the product increases.

Law of Supply: The law of supply states that as the price of a product increases, the quantity supplied of the product also increases, and as the price of a product decreases, the quantity supplied of the product decreases.

Market Equilibrium: Market equilibrium is the point where the quantity demanded of a product is equal to the quantity supplied of the product at a given price.

Normal Good: A normal good is a product for which demand increases as income increases.

Price Ceiling: A price ceiling is a government-imposed limit on how high the price of a product can be.

Price Floor: A price floor is a government-imposed limit on how low the price of a product can be.

Quantity Demanded: Quantity demanded refers to the specific quantity of a product that consumers are willing and able to buy at a given price.

Quantity Supplied: Quantity supplied refers to the specific quantity of a product that producers are willing and able to supply at a given price.

Shortage: A shortage occurs when the quantity demanded of a product is greater than the quantity supplied of the product at a given price.

Substitute Product: A substitute product is a product that can be used in place of another product.

Supply: Supply refers to the quantity of a product that producers are willing and able to supply at a given price and time.

Supply Curve: The supply curve is a graph that shows the relationship between the quantity supplied of a product and its price.

Supply Function: The supply function is a mathematical representation of the relationship between the quantity supplied of a product and its price.

Supply Schedule: The supply schedule is a table that shows the relationship between the quantity supplied of a product and its price.

Surplus: A surplus occurs when the quantity supplied of a product is greater than the quantity demanded of the product at a given price.

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