Examlex
Explain the 1-2-3 pattern of organizing information with the help of an example.
Supply Equation
A mathematical representation that describes the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.
Price Floor
A regulatory measure that sets the lowest legal price for a good or service to prevent market prices from dropping below a specified level, ensuring producers' welfare.
Shortage/Surplus
A shortage occurs when demand exceeds supply, while a surplus happens when supply exceeds demand, both of which can lead to market adjustments.
Demand Equation
A mathematical representation of the relationship between the quantity of a good consumers are willing and able to buy and the good's price.
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