Examlex
What is meant by the term ethnocentrism? Give one example to illustrate this term.
Surplus
An excess of supply over demand in a market, typically resulting in lower prices.
Price Ceiling
A legally established maximum price that can be charged for a good or service.
Shortage
A scenario where the market's supply of a specific product or service is outstripped by consumer demand.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to a balance where there is no tendency for the price to change.
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