Examlex
Match Definition term to its Term.
-An amount that the insured is responsible for paying even when the service is covered by the insurance
Price Ceiling
A legal maximum price set by the government for a particular good or service, aimed at preventing prices from reaching excessively high levels.
Shortage/Surplus
A shortage occurs when demand exceeds supply for a product or service, whereas a surplus occurs when supply exceeds demand, leading to downward pressure on prices.
Demand Equation
A mathematical expression that relates the quantity of a good that consumers are willing to buy to the good's price and other variables such as income and the price of related goods.
Price Floor
A government-imposed minimum price set above the equilibrium price, preventing market prices from falling below it.
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