Examlex
A fallacy is an error in reasoning.
Price Ceiling
A price ceiling is a government-imposed limit on how high a price can be charged for a product, service, or resource, usually set below the market equilibrium price to make goods more affordable.
Market Equilibrium
A point in a market where the quantity of goods supplied is equal to the quantity of goods demanded.
Consumer Surplus
The gap between what consumers are ready and able to expend for a good or service and what they actually spend.
Price Ceiling
A legally imposed limit on the price that can be charged for a good or service, typically set below the equilibrium price.
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