Examlex
If the bank reconciliation includes a deposit in transit, a journal entry is required which includes a debit to cash.
Price Ceiling
a legally established maximum price for goods or services, aimed at keeping prices from rising to high levels.
Equilibrium
A condition in markets where supply equals demand, and there is no external pressure for change.
Shortage
The insufficiency of a good or service that occurs when the quantity demanded exceeds the quantity supplied; shortages occur when the price is below the equilibrium price.
Price Elasticity of Demand
The rate at which demand for a product responds to its price being altered.
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