Examlex
Closing entries are:
Inefficiency
A situation where resources are not used in the best possible way, leading to wastage or less optimal outcomes.
Equilibrium Quantity
The quantity of a good or service at which quantity demanded equals quantity supplied, leading to a stable market condition.
Producer Surplus
The disparity between the price at which sellers are ready to offer a product and the price they actually get.
Price Floor
A government-imposed limit below which prices cannot fall, typically used to ensure that producers can cover their costs.
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