Examlex
Instructions: Explain/Define the following terms.
capitalism
Price Floor
A government or group-imposed price control that sets the minimum allowed price for a particular good or service, intended to ensure fair conditions for producers.
Market Equilibrium
The state in which market supply and demand balance each other, and as a result, prices become stable.
Surplus
Surplus is a condition where the quantity supplied of a product exceeds the quantity demanded at a specific price, often leading to decreases in price.
Price Floor
A government or regulatory-imposed minimum price that can be charged for a good or service, below which it cannot legally be sold.
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