What Is the Difference Between a Price Ceiling and a Price

question 130

Essay

What is the difference between a price ceiling and a price floor? Compared to the competitive equilibrium price, where must price ceilings and price floors be set to have an effect on the market?

Understand the concept of promissory estoppel and its requirements as an exception to the consideration requirement.

Identify the types of contracts that require a written form under the Statute of Frauds.

Explain the various types of damages that can be awarded for breach of contract and the principles behind them.

Comprehend the federal E-SIGN Act and its implications for online contracts.

---

Definitions:

Deposits In Reserve

Money that commercial banks are required to keep in the form of vault cash or deposits with the central bank, as a regulation to ensure banks can meet depositor demands.

Money Supply

The total amount of currency and other liquid instruments in a country's economy as of a particular time.

Leakage Current

The undesired flow of electrical current through an insulating medium or unintended path, often leading to inefficiencies or safety concerns.

PLC Input

An electrical or signal input to a Programmable Logic Controller from sensors or devices, used to influence PLC programs.