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During stage one of the demographic transition, both fertility and mortality are high, resulting in minimal population growth. In stage two, fertility continues to be high, but mortality rates decline, as a result of which the population:
Producer Surplus
The difference between what producers are willing to accept for a good versus what they actually receive, typically viewed as a measure of producer welfare.
Consumer Surplus
The divergence between the sum consumers are prepared to pay for a product or service and the sum that is actually paid.
Maximum Price
A price ceiling set by a government or regulatory body, above which a particular good or service cannot be sold, often to protect consumers.
Equilibrium Prices
The price at which the quantity of a good supplied is equal to the quantity demanded, leading to market balance.
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