Examlex
Suppose you are asked by the local hospital to donate one of your kidneys to save the life of a stranger.Are you obligated to give away your kidney for a good cause? John Arthur says NO because:
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in market balance.
Immediate Effect
The instant impact or outcome that follows a specific action or decision, without significant delay.
Price Floor
A government- or authority-imposed minimum price that can be charged for a good or service, intended to prevent prices from falling too low.
Market Price
The actual selling price of a good or service in the marketplace, determined by supply and demand dynamics at any given time.
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