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When applying elastic bandages, which is incorrect?
Producer Surplus
The difference between the amount producers are willing to accept for a good or service versus what they actually receive, usually measured above the supply curve up to the price level.
Price Ceiling
A legally established maximum price for a good or service, beyond which it cannot be sold.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, representing their gained utility.
Supply Shift
A change in the quantity of a product or service that producers are willing and able to sell at all prices, due to factors like technology, production costs, or number of sellers.
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