Examlex
The principles of operations management is strictly for the supervisor to direct customers' traffic.
Shortage/Surplus
A surplus is the opposite of a shortage, occurring when the supply of a product or service exceeds its demand in a market.
Price Floor
A government- or authority-imposed minimum price set above the equilibrium price, preventing the market price from falling below a certain level.
Market Equilibrium
A situation in a market where the quantity supplied equals the quantity demanded at a certain price point.
Price Floor
A government or group-imposed price control or limit on how low a price can be charged for a product, service, or commodity, usually intended to ensure fair conditions for producers.
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