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Typically a regulatory constraint that preempts market equilibrium by setting different price level—price ceiling or price floor.
Determined by the difference between actual price paid for a good and the highest amount a consumer would have paid for the good.
The change in total surplus (sum of producer and consumer surplus) that results from the imposition of a binding constraint.
A pricing constraint that does not preempt market equilibrium.
The difference between actual payment for a good and the least amount a producer would have agreed to receive for the good.