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Match Each Description with the Item Below

question 43

Multiple Choice

Match each description with the item below.
-Gerald Ford


Definitions:

Shortage

A scenario where the market demand for a service or product surpasses its available supply.

Surplus

An amount of something left over when requirements have been met; an excess of production or supply.

Price Ceiling

A maximum legal price that can be charged for a good or service, aimed at preventing prices from becoming too high.

Equilibrium Price

The market price at which the quantity of a good demanded equals the quantity supplied, leading to no excess supply or shortage.

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