Examlex
A minor who enters into a contract for necessaries may disaffirm the contract but remains liable for the reasonable value of the goods.
Demand Equation
A mathematical expression that calculates the quantity of a good or service demanded at various prices.
Supply Equation
A mathematical representation that describes the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.
Price Floor
A regulatory measure that sets the lowest legal price for a good or service to prevent market prices from dropping below a specified level, ensuring producers' welfare.
Shortage/Surplus
A shortage occurs when demand exceeds supply, while a surplus happens when supply exceeds demand, both of which can lead to market adjustments.
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