Examlex
The FDA is unable to withdraw approval for a drug once the approval process is complete.
Supply Equation
An economic formula that represents the relationship between the quantity of a good supplied by producers and the price of the good.
Price Floor
A minimum price set by the government for certain goods and services, intended to prevent prices from dropping too low.
Shortage/Surplus
A situation in the market where the amount of a product that consumers want to buy is greater than the amount available (resulting in a shortage), or the available amount is more than what consumers want to purchase (leading to a surplus).
Demand Equation
A formula that calculates the amount of a product consumers are willing to buy based on its price, income levels, and taste and preferences among other factors.
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