Explain How an LED Lamp Works

question 35

Essay

Explain how an LED lamp works.

---

Definitions:

Laffer Curve

A theoretical representation of the relationship between tax rates and government revenue, suggesting there is an optimal tax rate that maximizes revenue.

Tax Revenue

The financial earnings that governments obtain through taxation.

Price Ceiling

A legally imposed limit on the price that can be charged for a good or service.

Shortage

A situation in which the demand for a product or service exceeds its supply in a market.