econ chapter 6
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quantity product demanded by consumers= the quantity supplied by producers
quantity of product demanded by consumers=quantity supplied by producers
the quantity of a good or service demanded by consumers and supplied by producers when the market is in equilibrium
minimun price set by the government to prevent prices form going too low
a maximum price set by the government to prevent prices from going too high.
when the quantity of a product demanded by consumers does not equal the quantity supplied resulting in a shortage or surplus.
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