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Two light bulbs, B1 and B2, are connected to a battery having appreciable internal resistance as shown in the figure. What happens to the brightness of bulb B1 when we close the switch S?
Equilibrium Level
The state of balance where demand equals supply in a market, resulting in an optimal distribution of resources without excess supply or demand.
Price Ceiling
A maximum legal price above which a product cannot be sold; to have an impact, a price ceiling must be set below the equilibrium price.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.
Shortage
A market condition characterized by the demand for a product exceeding its supply, often leading to increased prices.
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