Examlex
What is the difference between a market equilibrium and a competitive market equilibrium?
Surplus
Occurs when the quantity of a good or service supplied exceeds the quantity demanded at a specific price, often leading to lower prices.
Price Ceiling
A legal maximum price that can be charged for a good or service, typically set by government to prevent prices from becoming too high.
Price Floor
A government or regulatory-imposed minimum price set above the equilibrium market price, aimed at ensuring that the market price of a good or service cannot fall below a certain level.
Shortage
A market condition where the demand for a product exceeds the supply at a given price, often leading to higher prices.
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