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Equilibrium Price
Equilibrium price is the market price at which the quantity of goods supplied is equal to the quantity of goods demanded.
Surplus
Occurs when the quantity supplied of a product exceeds the quantity demanded at a given price, often leading to price reductions.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, service, or resource, usually intended to protect consumers from high prices.
Market Equilibrium
A state in a market where the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to a stable price.
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