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Excess Demand
A situation where the quantity demanded of a good or service exceeds the quantity supplied at a particular price, often leading to upward pressure on prices.
Consumer Surplus
The disparity between the cumulative amount consumers are willing to pay for a product or service and the amount they actually pay.
Market Equilibrium
Market equilibrium is a state in a market where the quantity of goods supplied equals the quantity demanded, and there is no incentive for price to change, balancing the forces of supply and demand.
Producer Surplus
The difference between what producers are willing to sell a good for and the price they actually receive.
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