Examlex
Why is it important to remember that the chiefdom and the state, like many categories used by social scientists, are ideal types?
Demand
The willingness and ability of consumers to purchase goods or services at a given price level.
Supply
The complete quantity of a product or service that can be bought at a particular price point.
Price Floor
A legally established minimum price for a good, or service. Normally set at a price above the equilibrium price.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and a high level of competition.
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