Examlex
What are the differences between formal operational thought and postformal thought?
Price Floor
A government-imposed minimum price set above the equilibrium price, preventing market prices from falling below it.
Shortage/Surplus
Conditions where the quantity demanded is greater than the quantity supplied (shortage) or the quantity supplied is greater than the quantity demanded (surplus) in a market.
Quantity Demanded
The total amount of goods or services that consumers are willing and able to purchase at a specific price level.
Quantity Supplied
The volume of a good or service available for sale from suppliers at a certain cost.
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