Examlex
What term refers to simplified representations of tangible things or intangible processes that are created to facilitate understanding?
Excess Demand
A situation in which the quantity demanded of a good or service exceeds the quantity supplied at a given price.
Queuing
The process of forming or waiting in a line, often applied to the theory studying the behavior of lines to improve service efficiency.
Rationing Mechanism
A system or method used to distribute scarce goods or services among competing users.
Price Floor
A government- or authority-imposed minimum price that can be charged for goods and services, typically above the equilibrium price, to prevent prices from falling too low.
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