Examlex
How are probability, experiment, outcome, and sample space related to each other?
Shortage
A situation where the demand for a product or service exceeds the supply available.
Surplus
A situation where the quantity of a good or service supplied exceeds the quantity demanded at a given price.
Equilibrium Quantity
The amount of products or services available and sought after at the equilibrium price, where the supply meets the demand.
Price Floor
A government or regulatory-imposed minimum price for goods or services, intended to prevent prices from dropping too low.
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