Examlex
What factors in the broader environment influence the entrepreneurial process?
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, service, or commodity.
Consumers
Individuals or households that purchase goods and services for personal use.
Total Surplus
The sum of consumer surplus and producer surplus, representing the total net benefit to society from the production and consumption of a good or service.
Free-market Equilibrium
A state in a free market where supply equates demand without any government intervention, allowing prices to be set naturally.
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