Examlex
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Surplus
is a situation in which the quantity of a good or service available exceeds the quantity demanded at the current price.
Price Ceiling
A government-imposed limit on how high a price can be charged on a product or service, intended to protect consumers.
Price Floor
A government-imposed minimum price charged for a good or service, typically above the equilibrium price, to prevent prices from falling too low.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.
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