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How long should each phase of an experiment last?
Equilibrium Price
The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, resulting in no excess supply or demand.
Willing To Pay
The maximum amount a consumer is prepared to spend on a good or service, reflecting their valuation and demand.
Maximum Prices
Price caps set by the government on certain goods and services to protect consumers from excessive prices.
Producer Surplus
The difference between what producers are willing to accept for a good or service and the actual price they receive.
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