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Unformatted text preview: Organization of Petroleum Exporting Countries. A Market clearing is known as a supply and demand law that consists of goods being a need or a necessity. For example, as the price of a good goes up, consumers demand less of it and more supply enters the market. If the price is too high, the supply will be greater than demand, and producers will be stuck with the excess. Conversely, as the price of a good goes down, consumers demand more of it and less supply enters the market. If the price is too low, demand will exceed supply, and some consumers will be unable to obtain as much as they would like at that price we say that supply is rationed. Nayeli Bautista Module 4 Assignment 2 March 29, 2011...
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This document was uploaded on 07/27/2011.
- Spring '11