Price changes refer to the fluctuations in the cost of goods or services in a market. It is the difference between the initial price and the new price of a product.
Think of price changes like a roller coaster ride. Just as a roller coaster goes up and down, prices can also go up or down depending on various factors.
Demand: The quantity of goods or services that consumers are willing and able to buy at different price levels.
Market equilibrium: The point where the quantity demanded equals the quantity supplied, resulting in no shortage or surplus.
Inflation: A sustained increase in the general level of prices for goods and services over time, leading to a decrease in purchasing power.
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