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Equilibrium Quantity
The amount of goods or services supplied that is equal to the amount demanded at the market equilibrium price.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market equilibrium.
Equilibrium Quantity
The quantity of goods or services supplied is equal to the quantity demanded at the market price.
Consumer Surplus
The difference between the highest price a consumer is willing to pay for a good or service and the actual market price they pay.
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