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Market Equilibrium
A condition in a market where the quantity demanded by consumers equals the quantity supplied by producers, leading to a stable price.
Producer Surplus
The difference between the amount a producer is paid for a good and the minimum amount they would be willing to accept.
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.
Cost to Sellers
The expenses incurred by sellers in providing a good or service, including production costs, labor, materials, and overhead.
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