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Price Ceiling
A maximum legal price above which a product cannot be sold; to have an impact, a price ceiling must be set below the equilibrium price.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.
Shortage
A market condition characterized by the demand for a product exceeding its supply, often leading to increased prices.
Equilibrium Price
The price at which the quantity of a product offered for sale matches the quantity being demanded, resulting in no net surplus or shortage in the market.
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