Examlex
How does an independent contractor differ from an employee?
Free Market
An economic system where prices for goods and services are determined by the open market and by consumers, with minimal government intervention.
Market Price
Today's rate at which one can sell or buy a service or asset.
Not Binding
A term used to describe a situation where a constraint or limit (such as a price ceiling or floor) does not affect the equilibrium outcome of the market.
Equilibrium Price
The market price where the quantity of goods supplied equals the quantity of goods demanded.
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