Examlex
Over the course of its lifetime, worker honey bees change behavioral states multiple times, from a young adult that cleans cells to a nurse bee to a forager. What causes a worker honey bee to go through these different behavioral stages?
Wedge
The difference between the demand price of the quantity transacted and the supply price of the quantity transacted for a good when the supply of the good is legally restricted. Often created by a quantity control, or quota.
Demand Price
The price of a given quantity at which consumers will demand that quantity.
Perfectly Inelastic
A market situation where the quantity demanded or supplied does not change in response to a change in price.
Deadweight Loss
The inefficiency caused in a market where all potential gains from trade are not realized due to factors like taxes or subsidies.
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