Examlex
Which of the following is NOT part of critical thinking?
Surplus
A situation in which the quantity of a good or service supplied exceeds the quantity demanded at the current price.
Binding Price Floor
A minimum price set by the government that is above the equilibrium price, causing a surplus of the good.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a balanced market.
Binding Price Floor
A minimum price set by the government that is above the equilibrium price, resulting in a surplus of the product.
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