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After asking yourself, "What can I do to improve my performance on my next exam?" you decide you should read the chapter before lecture so you can pay more attention in class. This is an example of
Price Ceiling
A government-imposed maximum price that can be charged for a good or service, intentionally set below the market equilibrium to protect consumers.
Shortage
A situation in which the demand for a good or service exceeds its supply in a market.
Price Floor
A minimum price set by the government or a regulatory body, below which a particular good or service cannot legally be sold.
Surplus
An excess quantity, especially referring to the situation where supply exceeds demand in a market, often leading to a decrease in prices.
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