Examlex
The square wave is made up of:
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price, at a given moment.
Price Floors
Minimum legally allowed prices set above the equilibrium price, typically imposed by the government to ensure producers receive a fair wage.
Equilibrium Price
The cost at which the amount of a product consumers want to buy matches the amount producers are willing to sell, leading to a balanced market situation.
Price Ceilings
A government-imposed limit on how high a price is charged for a product.
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