Examlex
All players have dominant strategies.
Shortage/Surplus
A situation where the quantity of a good demanded exceeds the quantity supplied (shortage) or the quantity supplied exceeds the quantity demanded (surplus).
Price Ceiling
A cap set by the government on the maximum price that can be asked for a good, service, or commodity.
Shortage/Surplus
An economic condition where the quantity demanded is greater than (shortage) or less than (surplus) the quantity supplied at the market price.
Demand Equation
A mathematical representation of the relationship between the quantity of a good demanded and its price.
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