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Alexander Fleming, the Discoverer of Penicillin, Was Able to Recognize

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Alexander Fleming, the discoverer of penicillin, was able to recognize the importance of the fact that other bacteria would not grow where the penicillin mold grew, and so began the development of "wonder drugs." According to Robert Sternberg's theory of intelligence, Fleming was high in


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Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service, often set below the equilibrium price to keep goods affordable.

Consumer Surplus

The disparity between what consumers are ready and able to spend for a product or service and the amount they end up paying.

Price

The financial expenditure involved in obtaining a product or service.

Competitive Industry

An industry characterized by many firms, free entry and exit, and a product for which every seller is a price taker.

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