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If, for a given percentage increase in price, quantity demanded falls by a proportionately smaller percentage, then demand is
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to market balance.
Price Gouging
Price gouging occurs when a seller increases the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair, often during a demand spike caused by a crisis.
Price Floor
A government- or authority-imposed minimum price that can be charged for a good or service, typically above the equilibrium market price to maintain a fair or sustainable market condition.
Equilibrium Quantity
The quantity of goods or services that is supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.
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