Examlex
True or False: A histogram can have gaps between the bars, whereas bar charts cannot have
gaps.
Shortage/Surplus
An economic condition where the quantity demanded is greater than (shortage) or less than (surplus) the quantity supplied at the market price.
Demand Equation
A mathematical representation of the relationship between the quantity of a good demanded and its price.
Supply Equation
A mathematical formula that represents the relationship between the quantity of a good supplied and its price.
Price Ceiling
A maximum price set by the government for particular goods and services that cannot legally be charged above to prevent prices from being too high.
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