Examlex
Words and symbols and the rules for combining them are referred to as
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, service, or commodity to protect consumers from rapid price increases.
Price Floor
A minimum allowable price set above the equilibrium price, preventing the market price from falling below a certain level.
Quantity Demanded
It refers to the total amount of a good or service that consumers are willing and able to purchase at a given price within a specified time period.
Surplus
The condition that occurs when the quantity of a good or service supplied exceeds the quantity demanded, often leading to a decrease in prices.
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