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Statistics for Business and Economics13th EditionDavid R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams 1,692 solutions What is the term for a maximum legal price imposed on a market?A price ceiling is the mandated maximum amount a seller is allowed to charge for a product or service. Usually set by law, price ceilings are typically applied to staples such as food and energy products when such goods become unaffordable to regular consumers.
How the market price is considered an equilibrium price?Equilibrium price. When a product exchange occurs, the agreed upon price is called an equilibrium price, or a market clearing price. Graphically, this price occurs at the intersection of demand and supply as presented in Image 1. In Image 1, both buyers and sellers are willing to exchange the quantity Q at the price P.
When the problem is surplus What will happen to the price?Whenever there is a surplus, the price will drop until the surplus goes away. When the surplus is eliminated, the quantity supplied just equals the quantity demanded—that is, the amount that producers want to sell exactly equals the amount that consumers want to buy.
How is market equilibrium achieved?Market equilibrium occurs when market supply equals market demand. The equilibrium price of a good or service, therefore, is its price when the supply of it equals the demand for it.
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The federal government placed an upper limit on human organ prices, which is called a
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