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Supply,Demand and Government Policies (Controls on Prices (Price Ceiling,…

- - - - Not Binding
        
        Set above equilibrium price
      - Binding
        
        Set below equilibrium price
        
        Shortage
        
        Quantity demanded > Quantity supplied
  - - - Not binding
        
        Set below equilibrium price
      - Binding
        
        Set above equilibrium price
        
        Surplus
        
        Quantity supplied > Quantity demanded