Examlex
The quantity equation, viewed as an identity, is a definition of the:
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, commodity, or service.
Price Floor
A government or regulatory imposed minimum price for goods or services, intended to prevent prices from falling too low.
Surplus
An excess of income or assets over expenditure or liabilities in a given period, typically referring to profit or a budgetary surplus.
Shortage
A market condition in which the demand for a product exceeds its supply at a particular price.
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