Gigiwidgets are an incredibly popular new toy. When they initially hit the market, they were very hard to find, especially as demand grew. Over the past few months, the supply has increased, and the demand has decreased to the point where they are equal. This example best demonstrates the concept of

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This example illustrates the concept of market price, which is the price at which the supply of an item matches its demand, leading to an equilibrium state where the product is neither scarce nor in excess.

Gigiwidgets Are an Incredibly Popular New Toy