Examlex
The validity effect is the tendency of people to believe that a statement is true simply because it has been repeated many times.
Supply Equation
A mathematical expression that shows the relationship between the quantity of a good that producers are willing to sell and factors that influence this quantity, such as price.
Price Floor
A government or group-imposed price control that sets the lowest legal price a commodity can be sold at. It is used to ensure producers receive a minimum price often in agriculture.
Shortage/Surplus
Shortage occurs when demand exceeds supply, while surplus occurs when supply exceeds demand.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price level in a market.
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