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Suppose that the price of a good is $6 and equilibrium price is $3. Compared to market equilibrium:
Limited Liability Company
A legal entity where the owners are protected from personal liability for the debts of the company beyond their initial investment.
Agency
A legal relationship in which one party, known as the agent, is authorized to act on behalf of another, known as the principal, in dealing with third parties.
Legal Entity
An organization or structure that is recognized by law as capable of legal rights and obligations, such as a corporation or partnership.
Aggregate
A total or sum, often used in contexts involving the collection of different items or amounts into a single whole.
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