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Equilibrium Quantity
The quantity of goods or services supplied is equal to the quantity demanded at the market equilibrium price.
Binding Price Floor
A legally established minimum price above the equilibrium price, causing a surplus in the market.
Hybrid Cars
Vehicles powered by a combination of an internal combustion engine and one or more electric motors, utilizing both fuel and electricity.
Consumer Surplus
The gap between what consumers are prepared to pay for a good or service and what they actually do pay.
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