Examlex
The real power of Excel lies in its amazing computational capability. Explain.
Equilibrium
A state in a market where the quantity of goods supplied is equal to the quantity of goods demanded, with no pressure to change the price or quantity.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product or service, often set below the equilibrium price to keep goods affordable.
Consumer Surplus
The disparity between what consumers are ready and able to spend for a product or service and the amount they end up paying.
Price
The financial expenditure involved in obtaining a product or service.
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