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Surplus III
Excess of production or supply over demand in a market, leading to potential price reductions to clear the surplus stock.
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total net benefit to society from trading a good or service.
Equilibrium Price
Equilibrium price is the market price where the quantity of goods supplied is equal to the quantity of goods demanded.
Willingness to Pay
The maximum amount an individual is prepared to spend on a good or service.
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