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Commentary help?

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Guest SlimShadyFan

I'm writing a commentary on an article about price controls. I wrote "Another way to make the good affordable is by setting a price ceiling on the good, which is a maximum price set usually below the equilibrium price, to prevent producers from selling above it."

Now my question is whether I have to define equilibrium price or not. If yes, how? I'm a bit stuck here.

Thank you.

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Guest MarkoMilicevic

Hey!

You could just say: "Another way to make the good affordable is by setting a price ceiling on the good, which is a maximum price set usually below the market clearing price (where the quantity supplied equals the quantity demanded) , to prevent producers from selling above it."

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