Examlex
The board of directors of a corporation:
Price Ceiling
A maximum price set by the government for particular goods and services that cannot legally be charged above to prevent prices from being too high.
Shortage/Surplus
Market scenarios where the demand for a product surpasses its available supply, leading to a shortage, or where the supply of the product is greater than its demand, resulting in a surplus.
Demand Equation
is a mathematical representation that shows the relationship between the quantity of a good demanded and its price along with other factors affecting demand.
Supply Equation
A mathematical formula used to describe the relationship between the price of a good or service and the quantity supplied, holding other factors constant.
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