Examlex
When did justices of the peace replace shire-reeves?
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.
Shortage/Surplus
A market condition where the quantity demanded exceeds the quantity supplied (shortage) or where the quantity supplied exceeds the quantity demanded (surplus).
Price Floor
A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, often above the equilibrium price.
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