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English definition of “parity”

parity

noun [U]  /ˈpær·ɪ·t̬i/ us  
equality, esp. of pay or position: Washington, DC, hopes to achieve political parity with the states. US history Parity is also the ability of farmers to buy things at the same level as during a past time set as a standard and maintained by government price support.
(Definition of parity from the Cambridge Academic Content Dictionary © Cambridge University Press)
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