Examlex
What would you observe if you set up the following electrochemical cell: Ag|AgNO3(0.001 M) ||AgNO3(1 M) |Ag?
Surplus
The amount by which the quantity supplied of a good exceeds the quantity demanded at a specific price.
Price Ceiling
A legal maximum price set below the equilibrium price, preventing sellers from charging more than this amount.
Price Floor
A government-imposed minimum price set above the equilibrium price, preventing market prices from falling below a certain level.
Shortage
The occurrence of demand for a certain product or service outpacing the supply in the marketplace.
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