Examlex
Seismic wave is a general term encompassing all waves generated by an earthquake. Discuss the different types of seismic waves.
Price Floor
A government-imposed minimum price charged on goods and services, set above the equilibrium price to prevent market prices from falling too low.
Consumer Surplus
The discrepancy between consumer willingness to pay a total amount for a product or service and the amount they really do pay.
Consumer Surplus
The difference in the total amount consumers are predisposed and financially prepared to pay for a good or service versus their actual expenses.
Normal Good
A good for which demand increases as consumer income rises, and decreases when consumer income falls, all other factors being constant.
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