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Demand Function
A mathematical equation that describes the relationship between the quantity of a good that consumers are willing and able to purchase and its price.
Supply Function
A mathematical representation showing the amount of goods that producers are willing and able to sell at different prices, graphically depicted as a curve.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, primarily to keep it affordable for consumers.
Price
The anticipated financial cost, needed, or offered for a particular item or service.
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