Examlex
Define the following terms: pocket boroughs
Excess Demand
A situation in a market where the quantity demanded of a good or service exceeds the quantity supplied at the current price.
Price Floor
A government or regulatory minimum price set above the equilibrium price, preventing the market price from falling below it.
Equilibrium Price
The market price at which the quantity of a good or service supplied is equal to the quantity demanded.
Maximum Price
A price ceiling set by a governing body, above which a particular good or service cannot legally be sold.
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