Examlex
What are the various ways political scientists have portrayed the relationship between regulated industries and bureaucratic agencies? In what ways do these relationships promote or hinder democracy?
Consumer Surplus
The disparity between the cumulative amount consumers are willing to pay for a product or service and the amount they actually pay.
Market Equilibrium
Market equilibrium is a state in a market where the quantity of goods supplied equals the quantity demanded, and there is no incentive for price to change, balancing the forces of supply and demand.
Producer Surplus
The difference between what producers are willing to sell a good for and the price they actually receive.
Price Ceiling
Price Ceiling is a government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers from excessive costs.
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