Figure 3-2
-Refer to Figure 3-2.A decrease in the price of substitutes in production would be represented by a movement from
Definitions:
Price Ceiling
A government-imposed limit on how high a price can be charged on a product or service, typically set below the equilibrium price to make goods more affordable.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price over a specified period.
Quantity Supplied
The amount of a good or service that sellers are willing and able to sell at a particular price over a specified period.
Quota
An official constraint on trade that controls the volume or monetary amount of items permitted for export or import during a designated period.
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