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If the price of a good doubles and quantity supplied triples, then
Market Surplus
A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price, often leading to price reductions.
Binding Price Floor
A government-imposed price control that sets a minimum price for a good or service, above the equilibrium price, causing a surplus.
Price Paid
The amount of money exchanged for a product or service at the time of purchase.
Quantity Sold
The total number of units of a product or service purchased by consumers over a specific period.
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