Examlex
________ is the total of all outputs produced by the transformation process divided by the total of the inputs.
Price Floor
A government or regulatory-imposed minimum price for goods or services, intended to prevent prices from dropping too low.
Shortage
A circumstance in which the market desire for a service or product is greater than the supply.
Surplus
The situation in which the quantity supplied of a product exceeds the quantity demanded, often leading to price decreases.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers.
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