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-The horizontal arrows in the figure above show that
Shortage/Surplus
A market condition where the quantity of a good or service supplied is not equal to the quantity demanded; shortages occur when demand exceeds supply, and surpluses occur when supply exceeds demand.
Price Floor
A government or regulatory-imposed minimum price that can be charged for a good or service.
Quantity Demanded
The specific amount of a good or service that consumers are willing to purchase at a given price, at a particular time.
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a given price level in a given time period.
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