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Adele has never driven a car with a standard transmission before.That is,she's never had to decide when to shift gears,push in the clutch,or stop suddenly when the car is in gear.She's just bought a car with standard transmission and wants to practice driving it before she takes it onto the highway.What should she do?
Surplus
The situation in which the quantity of a good or service supplied exceeds the quantity demanded at the existing price.
Price Ceiling
A price ceiling is a legal maximum price set by the government for certain goods or services to prevent prices from becoming prohibitively high.
Price Floor
A government-imposed minimum price charged on a product, below which that particular product cannot be supplied to the market.
Shortage
A scenario in which the market's need for a service or product surpasses its availability.
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