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Shortage/Surplus
A shortage occurs when the demand for a good exceeds its supply at a particular price, while a surplus occurs when the supply of a good exceeds demand at a particular price.
Demand Equation
A mathematical expression that calculates the quantity of a good or service demanded at various prices.
Supply Equation
A mathematical representation that describes the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.
Price Floor
A regulatory measure that sets the lowest legal price for a good or service to prevent market prices from dropping below a specified level, ensuring producers' welfare.
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