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At prices above the equilibrium price, what occurs?
Scenario 1-3
A hypothetical or real situation used to illustrate a particular case or outcome, typically numbered for organization.
Marginal Cost
Marginal cost is the change in total cost that arises when the quantity produced is incremented by one unit; it's the cost of producing one more unit of a good.
Opportunity Cost
The loss of potential gain from other alternatives when one option is chosen.
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