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In a situation where the dependent variable can assume only one of the two possible discrete values,
Equilibrium Price
The market price at which the quantity of a good demanded equals the quantity supplied, leading to a stable market condition.
Equilibrium Quantity
The quantity of goods or services supplied is equal to the quantity demanded at the market equilibrium price.
Consumer Surplus
The contrast between the aggregate amount buyers are willing to shell out for a good or service and the total they actually do.
Total Surplus
The combined benefit that both consumers and producers receive from a transaction, comprising consumer and producer surplus.
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