Examlex
_____ refers to the steps taken to complete a company process.
Shortage/Surplus
Shortage occurs when demand exceeds supply, while surplus occurs when supply exceeds demand.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price level in a market.
Quantity Supplied
The quantity of a product or service suppliers are prepared to offer for sale at a specific price.
Price Ceiling
A government-imposed limit on how high a price can be charged on a product, aiming to keep essential goods affordable.
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