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What is the difference between a private warehouse and a public warehouse?
Producer Surplus
The difference between the actual amount producers receive for a good or service and the minimum amount they are willing to accept.
Equilibrium Price
The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers.
Diagram
A simplified drawing showing the appearance, structure, or workings of something.
Market Supply Curve
A graphical representation showing the total quantity of a good that sellers are willing and able to sell at various prices.
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